Finance minister speaks in Paris on taxing digital economy

OECD countries at the OECD ministerial council session in Paris, chaired by Slovakia, have committed themselves to arriving at a consensus by 2020 on how to introduce global rules to effectively govern the taxing of the digital economy. Finance Minister Ladislav Kamenicky, who represents Slovakia at the talks, informed that the cardinal issue on which a consensus must be found is where and to what extent supranational corporations should pay taxes on the activities these businesses offer in individual countries without their physical presence. The solution, according to Kamenicky, should be precise and simple, in order to be feasible to tax administrations and taxpayers. Slovak Economy Minister Peter Žiga, within the framework of the OECD Ministerial meeting, was in charge of a working group that, among other things, held talks on digital transformation, new technologies, and artificial intelligence. Many countries, including Slovakia, could experience job losses as a result of intensive automatisation, said the minister. On the other hand, it could bring increased salaries and added value. Those who participated in the talks have agreed that this is an area in which it's necessary to find a balanced solution that will help society and global trade.