OECD members seek digital economy tax consensus by 2020

THE DIGITAL GIANTS are one step closer to being taxed after more than 110 countries and jurisdictions agreed to work towards a shared approach to taxing the digital economy in the next two years.According to the Organisation for Economic Cooperation and Development (OECD), the countries will review two key concepts of the international tax system, the “nexus” and “profit allocation” rules, and work towards a consensus-based solution by 2020, as set out in their Interim Report on the Tax Challenges Arising from Digitalisation.The report will be presented by OECD Secretary-General Angel Gurría to the G20 Finance Ministers at their meeting...