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G20 finance ministers reaffirm support to tax digital companies

MUMBAI: Finance ministers of G20 countries have reaffirmed their full support for a consensus-based solution for taxing the digital economy . The target is to define broad contours of a unified taxation framework by end of next year. As reported by TOI earlier, the draft Secretariat Proposal released by the Organisation for Economic Co-operation and Development had called for re-allocation of a part of the profits of highly digitised companies and giving taxing rights to countries where its customers were located. In a press statement, the G20 ministers stated: “We reaffirm our full support for a consensus based solution with a final report to be delivered by end of 2020. With a view to meeting this ambitious timeline, we stress the importance of the Inclusive Framework agreeing to the outlines of the architecture by January 2020.

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