Ibec welcomes new international tax update from OECD

Ibec, the group that represents Irish business, today welcomed the publication of the OECD’s updated blueprints on the multilateral negotiations regarding the tax challenges arising from the digitalisation of the economy.

Ibec Chief Economist Gerard Brady said: “Today’s publication from the OECD shows continued, and well flagged, technical progress on the issues surrounding taxation in a digital age. This has happened in a challenging backdrop, as COVID and external events have slowed the pace of political progress. It is now clear that the process of agreeing on the remaining technical challenges and delivering a political agreement will continue on until the middle of 2021.

“Given the importance of the issues at stake, the OECD should be given that time to reach a conclusion without countries pushing for further unilateral measures. We continue to believe that a multilateral solution to these questions is the only way to avoid damaging uncertainty and complexity for business, the growth of unilateral measures, and an overflow of political tensions into trade and other policy areas. The only body which can deliver that agreement continues to be the OECD.”