Global Taxation Needed for the Success of the Digital Age
Why we need to deploy a uniform taxation framework globally?
In March 2018, the European Commission submitted a proposal to create an EU digital services tax (DST) aimed at multinational tech giants that impact Europe’s startups and digital ecosystems. The CEO of Booking.com, Gillian Tans, makes his case against EU’s DST. The proposed DST becomes unsustainable as industries become digitized and will erode the benefits and opportunities that the digital economy offers companies and consumers. The global economy is increasingly digitized, and new tax measures that specifically target the digital sector could be damaging to growth, argues Gillian Tans, CEO of booking.com. Gillian Tans offers the following recommendations for taxation.
- A fair, supportive corporate tax system to safeguard growth when economic conditions are challenging.
- Business taxation must continue to be based fundamentally on realized income.
- A global consensus regarding the development of a uniform taxation framework is essential.
Source: World Economic Forum. Full article can be found here.
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