Following the announcement that more than 130 countries have signed up to a global deal on corporate tax reform, Marvin Rust, Managing Director and European Practice Leader of Alvarez & Marsal Tax comments:
Marvin Rust, Managing Director and European Practice Leader of Alvarez & Marsal Tax said, “This is a good outcome for large UK businesses as we see the demise of the Digital Service Tax (DST) not just in the UK, but it’s equivalents in other countries as well. Each set of DST rules were different thus increasing the compliance burden substantively.
“The outcome brokered by the chancellor applies only to the largest most profitable corporations and should see some additional taxes raised in the UK. I am still surprised though that the US has signed up to this, given the rise of consumers in Asian countries, means the US over time looks like a loser in the battle to collect tax revenues from the largest companies.”