Digital tax breakthrough

But the road to a common tax code still has several hurdles

The consensus at the G-20 Summit in Fukuoka, Japan, on levying taxes on digital multinational corporations promises to lead to a tectonic shift in the way the global economy works. The devil will be in the detail before this in-principle agreement can be codified into a common taxation system that is accepted across multiple jurisdictions. In addition, the US, home to most of the world’s digital giants, is opposed to the new proposal, which is being championed by the UK and France, among others. In that sense, the proposed deadline of 2020 for stitching together a common digital tax code