Advertise On EU-Digest

Annual Advertising Rates

11/7/12

Germany, UK propose e-commerce tax effort

Germany and Britain on Monday urged the world's biggest economies to form a common front against tax evasion related to internet commerce and other revenue-shifting schemes, and said they received strong support at the meeting of officials from the G-20 nations.

"We've just been discussing it in the meeting we had. There was widespread support," U.K. Treasury chief George Osborne told reporters.

Osborne and German Finance Minister Wolfgang Schauble said they don't want to scare businesses away, but said companies must pay what they owe.

"International tax standards have had difficulty keeping up with changes in global business practices, such as the development of e-commerce," the two said in a joint statement. "As a result, some multinational businesses are able to shift the taxation of their profits away from the jurisdictions where they are being generated."

They said a united approach among the world's largest economy is the best way to fight evasion, without penalizing any single country.


No comments: