Banking & finance
ICC report on tax challenges relating to the Belt and Road Initiative
As the world business organization, ICC supports transparent, efficient, predictable and stable tax regimes that incentivise long-term investment, job creation and economic growth. ICC advocates for a consistent global tax system, founded on the premise that stability, certainty and consistency in global tax principles are essential for business and will foster cross-border trade and investment.
In the context of the upcoming April 2019 Conference of the Belt and Road Initiative Tax Administration Cooperation Forum (BRITACOF), ICC welcomes the opportunity to identify tax challenges from a business perspective for investing in Belt and Road Initiative (BRI) jurisdictions. The ICC report elaborates on four key areas for deliberation in this context with a view to designing future action plans for BRI tax administrations and legislators. The specific areas addressed include: achieving tax certainty; streamlining tax compliance; following the rule of law; and expediting dispute settlement.
ICC believes that the BRI provides new impetus to the global economy and recognises the People’s Republic of China’s (PRC) State Administration of Taxation’s (SAT) commitment to the establishment of long-term taxation cooperation for participants of the BRI as an important way to improve governance in international taxation, create a more supportive environment for investment and boost global economic growth.
ICC provides its views on behalf of the world business community to promote harmonisation of rules and practices which would allow for seamless application by businesses. Establishing a long-term mechanism and common approaches and practices for tax cooperation in the BRI countries and regions would be instrumental in promoting business investment and the development of the world economy.
