IBFD explores OECD proposals on the taxation of the digital economy Jul-26-2019
On 16 July, IBFD and New Economy Taxation (NET), in association with IFA Malaysia and Labuan IBFC, held a half-day talk in Kuala Lumpur on digital taxation.
“Digital Tax Today” saw multiple stakeholders focus on the latest OECD proposals on the taxation of the digital economy and how both businesses and tax administrations are reacting to and managing the disruptive effects of new and emerging business models and technology in Malaysia and the rest of Asia.
The Keynote Opening Address was given by Mr Shaharuddy Othman, Director of the International Tax Department of Malaysia, who outlined the challenges faced by the Malaysian tax authorities in setting policy whilst anticipating the OECD’s final report, due in 2020.
In the following session, Mr Sam Sim (NET) outlined the latest high-profile proposals by the OECD Task Force on the Digital Economy and the G20 to change the international taxation norms to meet the challenges of the digitalized economy. Subsequently, Ms Irene Yong (Shearn Delamore, Partner) joined him to examine some scenarios based on digital business models and how they would be received in Malaysia and Singapore.
The day concluded with a Panel Discussion moderated by Dr Veerinderjeet Singh (IBFD Trustee), with the panel comprising Mr Justin Tan (Malaysian Digital Economy Corporation, Head Research & Advisory), Mr Surin Segar (Maybank, Head of Tax) and Mr Anil Kumar Puri (Ernst & Young, International Tax Lead). The panel explored various issues, including how corporations are adapting to the new regulatory environment, the direction of tax policy in the face of global developments on a digital tax framework and what taxpayers should anticipate in the midst of the prevailing uncertainties arising from the current lack of consensus.