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The UK budget looks set to spell 'fiscal discipline' for taxpayers, but it could also define the British role in making the OECD’s digital tax reforms a reality.
Following the OECD tax agreement, the US government has cut a deal with five European countries to put aside the threat of tariffs over digital tax measures. This agreement may help secure international tax reform.
The UK has today (21 October 2021) agreed a route forward to transition away from its Digital Services Tax (DST) towards a new global tax system that will ensure multinationals pay their fair share in the countries where they do business.
Africa will likely benefit from the OECD driven, new global tax agreement signed earlier this month by nearly all of the world's countries that would set a minimum corporate tax rate of 15% across the board on global profits. But broadening the tax base through actions to bring the informal economy into the tax net and tackling illicit flows from the continent would present a far greater benefit.
Conceding ground, India also settled for a re-allocation of only 25 per cent of non-routine profits of these entities above a 10-per cent margin, as against its stand for at least 30 per cent re-allocation, leaving little for New Delhi to gain.