CX Daily: Zhou Xiaochuan on the Challenges of Taxing the Digital Economy
Digital services tax /
Along with many of the world’s nations, China faces difficult and delicate decisions around
taxation of internet giants and fairness in an increasingly global digital economy, according to Zhou Xiaochuan, former governor of the People’s Bank of China (PBOC) and current president of the China Society for Finance and Banking, a PBOC-managed financial research institution.
On the one hand, advocates of a global digital services tax (DST) framework argue that multinational corporations shouldn’t be allowed to extract massive, tax-free profits from digital consuming countries. On the other hand, setting up a multilateral framework has repeatedly run into roadblocks amid rising protectionism and unilateralism.
By GlobalCapital
18 Dec 2020
In the final part of GlobalCapital China’s awards announcements, we reveal the year’s key innovation – and the individual who has made the greatest contribution to reforming and internationalising the onshore market.
MOST IMPRESSIVE MARKET INNOVATION
Coronavirus-prevention bonds
This year will go down in history for fundamentally changing the way people live and work, at least temporarily.
It was the year that international relations, healthcare systems, trust in governments and social bonds were tested. It will be the year to see the deepest global economic recession since the Second World War, and a year marked by extreme swings in the bond, commodity and stock markets globally.
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