The Group of 20 finance ministers and central bankers will consider the plan Friday. They are expected to urge it forward, aiming for political consensus by June 2020 and then changes to individual countries’ laws and treaties.
SHARE YOUR THOUGHTS What are your thoughts on the global digital tax plan? Join the conversation below. “That urgency is felt across countries. I think the business community also feels that urgency,” said Barbara Angus, global tax policy leader at EY LLP and a former tax staff member at the Treasury Department and House Ways and Means Committee. “There will be tension between the real need to spend time on the technical details and the need to move forward.”
Under the OECD approach, governments would agree on a standard profit rate for a company’s global operations. Then, individual governments could tax profits above that, based on total sales accounted for by each country. “Countries can think they all mean the same thing and then later realize they don’t mean the same thing,” she said. “They’re trying to find out where there’s actual substantive disagreement and where there are technical areas that need to be worked on.”Broadly, the international effort responds to changes in how business is done. Corporate profits are now taxed where value is created, often where a company has its headquarters or in a low-tax jurisdiction where it houses intellectual property.
The OECD is helping countries analyze the proposals and gauge the potential effect on their tax revenue.
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