International consensus needed on digital economy tax | KPMG | UK

Spring Statement 2018: International consensus needed on digital economy taxation

International consensus needed on digital economy tax

Commenting on the Spring Statement, Melissa Geiger, head of international tax at KPMG in the UK, said:

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“The Government has clearly listened to the consultation feedback on taxing the digital economy and is taking a bold step in stating its position to help shape the international debate. It is encouraging that the Chancellor will take the issue as a talking point to the upcoming OECD Forum. 

“Tax authorities are frustrated by the inability to appropriately tax digital businesses and have a real appetite to secure revenues that adequately reflect how and where value arises. At the same time, we can’t forget that businesses are also still getting to grips with BEPS, struggling with complex UK reforms, such as losses and corporate interest restrictions, and responding to the impact of US tax reform.

“The way we tax the digital economy must change, but first efforts will need to be made in finding an international consensus so that tax authorities can engage collaboratively with the digital economy.”

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