ICC Secretary General John W.H. Denton AO has issued a statement in reaction to a G7 deal on taxation.
ICC Secretary General John W.H. Denton AO said:
“Effective international tax reform is a matter of considerable importance to global business. This must serve the dual need of restoring public finances and reinvigorating local economies in the wake of COVID-19. International coherence will play a pivotal role in meeting these imperatives.
“Today’s commitment from the G7 is a very welcome step forward in this regard — but we ultimately need to see a final deal that is workable once applied to the real economy. And, what’s more, common rules that will command support way beyond the G7 and G20. Emerging economies should have a full stake in determining the tax rules that will apply to them under any future global framework.
“Moreover, as we’ve emphasised before, it is imperative that a strong process for arbitration and dispute resolution is built into any final framework to mitigate the risks of a damaging proliferation of double taxation disputes.
“ICC looks forward to working with the OECD and all governments to support the conclusion of a meaningful global pact on tax reform in the coming weeks.”
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- ICC Carbon Pricing Principles
- ICC Comments on the 2021 EU Consultation on Fair Taxation of the Digital Economy
- ICC Comments on UN Tax Committee Discussion Draft: Revised Proposal for a change to the definition of royalties in Article 12 of the United Nations Model Double Taxation Convention Between Developed and Developing Countries
Stay up-to-date with all ICC news information, and more with our ICC news alerts.
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