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OECD’s scaled back digital tax plans leave local jurisdictions to fill in the gaps.

As the digitalisation of the economy continues to create challenges for global taxation, a number of bodies have started to plan and execute the implementation of a digital services tax (DST).

The question is no longer whether blockchain will disrupt the tax system, but how far, how fast and how to ensure your business is up to speed. Putting the hype aside, what does blockchain really mean for tax compliance and management within your business? What are the main risks and opportunities? How can you begin preparing for the shake-up ahead?

Research from Grant Thornton’s International Business Report (IBR) reveals that business leaders globally are less optimistic about the economic outlook than at the start of the year, despite continuing rises in expected revenues. The dip in optimism suggests that the global economic cycle may have peaked. Business leaders should therefore consider using increased revenue to structurally invest at this stage of the cycle to ensure long-term prosperity.

Nobody thought that complying with the Base Erosion and Profit Shifting (BEPS) transfer pricing analysis and documentation demands would be easy. Yet, the opening year has proved to make greater demands and has required more attention than many multinational enterprises (MNEs) had anticipated.

International taxation is undergoing the biggest shake-up for a generation. The already complex world of transfer pricing is at the front and centre of these disruptive changes, both in the rules that govern it and in the heightened scrutiny it now faces.

As most of the Base Erosion and Profit Shifting (BEPS) Action Plan is made up of best practice recommendations rather than ‘red line’ requirements, it was always going to be applied electively and in different ways from country to country.