IMF President, Christine Largade disclosed this last week while speaking on Corporate Taxation in the Global Economy at the Peterson Institute for International Economics, Washington D.C.
“Second, the current situation is especially harmful to low-income countries, depriving them of much- needed revenue to help them achieve higher economic growth, reduce poverty, and meet the 2030 Sustainable Development Goals. Advanced economies have long shaped international corporate tax rules, without considering how they would affect low-income countries.
“Third, an impetus for rethinking international corporate taxation stems from the rise of highly profitable, technology-driven, digital-heavy business models. These business models rely heavily on intangible assets, such as patents or software that are hard to value. They also demonstrate that assuming a link between income and profits and physical presence has become outdated.
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