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Presentation 3
Taxation of the digital economy: challenges for the policy makers
Julius Sen
Associate Director and Senior Programme Advisor at LSE Enterprise
Measures to deal with the covid pandemic are forcing governments to spend heavily while also curtailing many forms of domestic and international economic activity. Government incomes are thus falling while expenditure is rising, and the gap is filled, in the main, by borrowing. For countries that borrow in their own currencies (like the US, EU, Japan and a few others), this is not as big a worry as for countries that have to borrow internationally to finance their deficits or pay their debts, once they have run down their international currency reserves.
Measures to meet these deficit and debt obligations are likely to force policy makers around the world to renew pressure on the OECD to come up with an agreed international taxation system for the digital economy - a process that was stalled by the Trump administration opposing some aspects of the approach developed by the OECD. Failing this, some of the bigger economies (especially the EU) could move unilaterally to implement taxation measures for the digital economy.