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ICC Sets Out Principles For New Digital Tax Framework

by Ulrika Lomas, Tax-News.com, Brussels

29 April 2019


The International Chamber of Commerce (ICC) has published proposals for a new tax framework for the digitalized economy.

The proposals are intended for consideration by policymakers and legislators, and aim at contributing to the establishment of a consistent global tax system that is clear and predictable for businesses.

The ICC said that it "supports a harmonized approach to ensure that international tax rules remain relevant and applicable in a rapidly digitalizing economy."

It said that tax proposals for the digitalized economy should be profit-based, rather than revenue-based. It added that the allocation of company profits between countries should be based on where the company's activities create value.

The ICC argued that the same principles of taxation should apply to all forms of business, whether digital or more conventional. The rules should be clear and simple, and taxation systems should be sufficiently flexible to keep pace with technological and commercial developments.

The ICC is also keen to ensure that compliance and administration costs should be minimized as much as possible.

The ICC urged countries "to collectively discuss and address the tax challenges arising from digitalization, through mutual consensus." It stressed that "any solutions should be long-term and have broad adoption by countries to allow for seamless application for businesses."

TAGS: compliance | tax | business | tax compliance | commerce | corporation tax | internet | transfer pricing | chamber of commerce | BEPS

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