The OECD has warned that countries need to come to an agreement over digital tax or risk damaging the global economy further.
The OECD confirmed on Monday that there will not be a digital tax agreement this year — as per initially scheduled. Instead, the organization is now aiming to reach a deal by "mid-2021."
The United States, France, the U.K. and Ireland — just to name a few nations involved in a long-running dispute — have fought over how to adapt the tax system to the new digital economy, where companies such as Apple, Facebook and Amazon have flourished. The debate has received even more attention in the wake of the coronavirus pandemic as tech giants have profited from stay-at-home orders.
"Under a worst-case scenario — a global trade war triggered by unilateral digital services taxes worldwide — the failure to reach agreement could reduce global GDP by more than 1% annually," the OECD added.
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