Thursday, May 29, 2014

EU calls for common position on tax for digital economy

European Union member states should adopt a common position on corporation tax in the current debate on changing global tax rules, according to a high level European Commission report on the digital economy.

The report says that the OECD’s Base Erosion and Profit Shifting project (Beps), which is examining how to combat aggressive tax avoidance by multinationals, will be fundamental to addressing the issue of levying corporation tax in the digital economy.

The digital economy does not require a separate tax regime, but current rules may have to be adapted to respond to the digitalisation of the general economy, according to the Report of the Commission Expert Group on Taxation of the Digital Economy, released today. 

The OECD Beps project is being conducted at the request of the G20 and is to produce a number of recommendations later this year, for the consideration of G20 finances ministers, to be followed by a second set of additional recommendations late next year. 



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