Taxing digital giants: Countries move ahead

DURING the 2020 Singapore Budget, Finance Minister Heng Swee Keat stated that Singapore continues to actively participate in discussions at the Organisation for Economic Co-operation and Development (OECD) on a global solution to an update of the international tax rules in an increasingly digital world. As progress is made, further consideration will need to be given to the effect of the potential new rules on Singapore's tax system.

It is clear that pressure on the OECD continues to build as a number of countries move forward with their own unilateral measures for taxing large digital companies.

MNCs' tax liability