In recent weeks, momentum has been building up towards an international solution to the challenge of creating a tax system fit for the 21st century. The G7 first announced an agreement on a minimum global corporate tax. It was then closely followed by the G20 finance ministers endorsing the OECD Inclusive Framework’s statement for international tax reform. Most recently, the EU reiterated its commitment to fostering an international compromise by postponing its digital levy proposal. While these developments are all crucial steps towards a global deal, critical work remains to iron out the details as well as address significant issues of complexity.
Global taxation: the time is right for an international agreement
In recent weeks, momentum has been building up towards an international solution to the challenge of creating a tax system fit for the 21st century. The G7 first announced an agreement on a minimum global corporate tax. It was then closely followed by the G20 finance ministers endorsing the OECD Inclusive Framework’s statement for international tax reform. Most recently, the EU reiterated its commitment to fostering an international compromise by postponing its digital levy proposal. While these developments are all crucial steps towards a global deal, critical work remains to iron out the details as well as address significant issues of complexity.
Will Morris, Chair, Tax Committee, AmCham EU, said: ‘We support the ongoing work to fashion a broad and deep consensus on new international tax rules. Any global deal must ultimately support job creation, economic growth and competitiveness. He went on to say: ‘Broad international engagement in these talks is critical, including by the EU and the US. Transatlantic cooperation will be key to unlocking agreement at the OECD level. As talks progress, we will also need to understand better how an international agreement would interact with upcoming EU tax proposals, including any proposed digital levy.’
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