THERE is supposedly an ancient Chinese anecdote that translates to "May you live in interesting times". The implication is that it is far better to live a staid, peaceful life than to endure chaotic or "interesting" times.

Indeed, the international tax community is living in interesting times amidst challenges rising from digitisation of the economy.

The framework for taxing cross-border transactions, first laid down in the 1920s by the League of Nations (arguably the precursor to the current United Nations) in an era when businesses primarily relied on physical input and natural resources to generate income, is under siege from the modern knowledge (and increasingly, the digital) economy - where value is created from investments in intangible assets, including brand names, patents and algorithms.