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OECD Webcast on Tax Challenges Arising from the Digitalisation of the Economy and Other Updates

On 11 June 2019, the OECD Centre for Tax Policy and Administration held a webcast to provide an update on recent and ongoing work. This includes:

  • A G20 update, including the presentation of the Secretary-General Report to the G20 Finance Ministers during their recent meeting in Fukuoka, Japan and a review of the G20 Finance Ministers Communiqué;
  • An update on the implementation of BEPS, including that 80 jurisdictions have implemented CbC reporting, 255 preferential tax regimes have been reviewed, 21,000 tax rulings have been exchanged, and nearly 90 jurisdictions have signed the BEPS MLI;
  • An update on tax transparency and the automatic exchange of financial account information, including that information has been exchanged on over 47 million accounts worth approximately EUR 4.9 trillion; and
  • The main focus of the webcast - the programme of work to address the tax challenges of the digitalisation of the economy, which has been approved by the G20 Finance Ministers and includes work on:
    • The allocation of profits among market jurisdictions and a new nexus rule to identify a remote but sustained and significant business presence in a market jurisdiction (Pillar One);
    • A minimum tax, including consideration of an income inclusion rule and a switch-over rule that could apply on the side of the parent jurisdiction, and an undertaxed payment rule and a subject to tax rule that could apply on the side of the source jurisdiction (Pillar Two); and
    • An economic analysis and impact assessment, including an assessment of the pros and cons of the proposals, the incentive effects, revenue estimates, and the overall economic impact.

With respect to the programme of work to address the tax challenges of the digital economy, an intermediate impact assessment is to be delivered by October/November 2019, with a unified approach to be developed and a public consultation launched by the end of 2019. A long-term solution to address the tax challenges of the digital economy is to be provided by the end of 2020.

Click the following link to view a video of the OECD webcast.

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