International update for November

International update for November

Tim Sarson’s latest summary of international developments.

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Tim Sarson

Partner, UK Head of Tax Policy

KPMG in the UK

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2020 will long be remembered for the COVID-19 pandemic which has been a major disruptor to lives globally, changing the way we live and work, hitting the economy and influencing monetary and fiscal policy. The world has become increasingly digitalised as a result, underscoring the importance of the OECD’s continued work on taxation of the digital economy which reached a significant milestone in October 2020 with the publication of its pillar one and pillar two blueprints. Meanwhile, Joe Biden is expected to be inaugurated as the next US president in January, and the Brexit deadline draws ever closer. Looking ahead, it will be interesting to see how governments approach economic recovery from COVID-19 and how well they can balance growth with balancing the books. Tax will undoubtedly play a crucial role in this.

In the latest of his regular articles for Tax Journal*, Tim Sarson looks back over the year to date and shares his thoughts on the year ahead, as well as the measures that have been introduced in response to COVID-19 so far and the progress that has been made in respect of taxation of the digital economy. There are November updates including:

  • The latest COVID-19 measures announced;
  • Advance pricing arrangements in South Africa; and
  • Australian R&D measures.

Looking forward, the article considers the following:

  • The US election;
  • Brexit; and
  • COVID-19 recovery and future tax trends.

* First published by Tax Journal on 27 November 2020. Reproduced with permission.

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