Latest news with #InternationalTaxForum
Emirates 24/7
13-02-2025
- Business
- Emirates 24/7
International Tax Forum explores innovative mechanisms to deal with global tax challenges, opportunities
Thought leaders, economic experts, government officials and private sector representatives discussed a series of pivotal issues impacting the global tax landscape, including in-depth discussions on the OECD's Global Minimum Tax, at the International, during the International Tax Forum (ITF), organised by the Ministry of Finance. Held as part of the World Governments Summit 2025, which runs from 11th to 13th February in Dubai under the theme 'Shaping Future Governments', the forum explored the importance of OECD's Pillar II rules in addressing the challenges of base erosion and profit shifting, and ensuring that multinational companies are subject to minimum tax rates. Participants highlighted such reform's role, not only in contributing to enhancing tax justice but also in supporting the stability of the global economy and achieving a balance between advanced and emerging economies. The forum also discussed mechanisms for exchanging tax information and their role in combating tax evasion and enhancing transparency, noting that international cooperation in this field is a key pillar for building effective and sustainable tax systems. Discussions also touched on e-invoicing as a modern tool capable of improving the efficiency of tax systems and reducing administrative burdens on companies, thereby promoting the digital transformation of economies. Regarding the future of taxation, participants focused on the challenges posed by the digital economy, such as the emergence of new business models and the rise of e-commerce. Experts called for the need to develop innovative and proactive tax policies that keep pace with these transformations, while stressing the importance of cooperation between governments and the private sector to ensure the sustainability and simplicity of tax systems. In his opening remarks, Younis Haji Al Khouri, Under-Secretary of the Ministry of Finance, said, "The ITF presents an opportunity to foster international dialogue on issues reshaping the global tax system. Hosting the forum comes at a time when the international tax system is witnessing major transformations. Such rapid economic transformations, added to a growing digitisation wave, pose unprecedented challenges and opportunities that require innovative responses and effective international cooperation." "Among the most prominent initiatives leading global efforts to reform the international tax system and achieve tax justice is the OECD Global Minimum Tax or Pillar II rule, which represents a pivotal step to ensure minimum taxes for multinational companies. In addition to such measures, the forum focused on other important and evolving tax issues, including the exchange of tax information, electronic invoicing mechanisms, and the future of taxes in light of digital transformations," he added. Al Khouri concluded, 'Today, we stand at the threshold of a new phase that requires proactive vision to navigate the challenges and opportunities posed by the digital economy. Hence, the forum aimed to discuss practical solutions and future policies that will ensure the sustainability of tax systems globally. Achieving this sustainability requires the concerted efforts of governments, international institutions and the private sector.' Follow Emirates 24|7 on Google News.
Hi Dubai
13-02-2025
- Business
- Hi Dubai
International Tax Forum Explores Global Tax Reforms at WGS 2025
Dubai hosted the International Tax Forum (ITF) as part of the World Governments Summit 2025, where thought leaders, economic experts, and government officials convened to discuss the evolving global tax landscape. Organized by the UAE Ministry of Finance, the forum focused on the OECD's Global Minimum Tax and broader tax reforms aimed at fostering economic stability and justice. Key discussions revolved around the OECD's Pillar II rules, which seek to curb base erosion and profit shifting while ensuring multinational corporations adhere to minimum tax rates. Experts emphasized the significance of these reforms in balancing the interests of both advanced and emerging economies, reinforcing global economic stability. The forum also tackled tax transparency, highlighting the importance of international cooperation in exchanging tax information to combat tax evasion. Additionally, e-invoicing emerged as a transformative tool, streamlining tax systems, reducing administrative burdens, and accelerating digital transformation in economies worldwide. Amid the rise of the digital economy, experts explored challenges such as evolving business models and the expansion of e-commerce. They underscored the urgency of developing innovative tax policies that align with these rapid changes while advocating for stronger collaboration between governments and the private sector. Younis Haji Al Khouri, Under-Secretary of the Ministry of Finance, emphasized the forum's role in shaping international tax policies. 'The ITF presents an opportunity to foster international dialogue on issues reshaping the global tax system. As digitization accelerates, it is imperative to adopt proactive policies that ensure sustainability and fairness,' he stated. Al Khouri reiterated the OECD's Pillar II framework as a crucial step in global tax reform, alongside discussions on tax information exchange, electronic invoicing, and the broader implications of digital transformations. He stressed the need for a concerted global effort to build sustainable tax systems that adapt to economic shifts and technological advancements. News Source: Emirates News Agency
