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A new international tax provision endorsed by the United Nations Tax Committee of Experts could undermine growth and public revenues in developing economies, according to an independent Oxford Economics study commissioned by the International Chamber of Commerce (ICC).
A new UN tax model provision risks triggering an estimated US$241 million in annual government revenue losses for the Global South. Any revenue gains from the new provisions would be fully offset, resulting in a net fiscal loss. This independent Oxford Economics report, commissioned by ICC, is the first quantitative assessment of the potential economic and fiscal impacts of the new Article 12AA on cross-border services.
As United Nations negotiations on a Framework Convention on International Tax Cooperation continue, ICC warns that reforms risk creating new layers of double taxation. Following the latest round of talks in Nairobi, ICC states that expanding taxing rights without mandatory safeguards and relief from double taxation could undermine cross-border investment, strain tax administrations and weaken global growth.
ICC is advocating for predictable, stable global tax rules to support cross-border trade and investment at the first rounds of United Nations Tax Framework Convention talks. Taxpayer rights, rigorous economic analysis, clarity on new instruments and effective dispute prevention and resolution were championed as key priorities for business.
The International Chamber of Commerce (ICC) would like to provide input on the UN Intergovernmental Negotiating Committee’s Workstream III Draft Issues Note – Early Protocol on the Prevention and Resolution of Tax Disputes, emphasizing the need for a consistent, stable, and certain global tax system to foster trade and investment. The Draft Issues Note rightly […]
ICC proposes a 60-day ‘safe harbour’ that would exempt employers from permanent establishment risks, employer tax and social security obligations when employees temporarily work across borders for personal reasons.
Understanding the differences between value-added taxes (VAT) and tariffs is crucial for informed international trade policy decisions. Providing insight into VAT and its role in global trade, this ICC policy brief clarifies the differences between VAT and import tariffs, illustrating how VAT operates as a consumption tax designed to be neutral and non-discriminatory towards foreign businesses.
Following a three-week intergovernmental meeting in New York earlier this month, the United Nations has adopted Terms of Reference for a Framework Convention on International Tax Cooperation – a potentially significant step towards establishing new rules for cross-border taxation.
Commenting on the UN zero draft terms of reference (ToR) for a UN Framework Convention on International Tax Cooperation, ICC has emphasised the importance of clear, inclusive, and stable tax regimes to promote economic growth and sustainable development.
After the 28th session of the UN Committee of Experts on International Cooperation in Tax Matters in March 2024 in New York, ICC, through its Global Taxation Commission and in collaboration with ICC national committees, drafted a submission presenting practical business examples and highlighting the significant concerns that ICC members have regarding the Committee’s proposed Article XX on the taxation of cross-border services.
In an open letter to European Commission Director-General for Taxation and Customs Union ICC is calling attention to the severe compliance challenges faced by companies during the first reporting period of the transitional phase of the Carbon Border Adjustment Mechanism (CBAM)
The International Chamber of Commerce (ICC), as the world business organization, works to promote open, rules-based multi-lateral trade and investment, the market economy system, sustainable economic growth, responsible business conduct and a global approach to regulation. ICC supports business’ contribution to peace, prosperity and inclusive growth. In the area of taxation, ICC seeks to promote […]
The private sector welcomes efforts to enhance international tax cooperation to avoid double taxation and to build greater tax certainty on a global scale.
The International Tax Conference jointly hosted by the International Chamber of Commerce (ICC), Business@OECD and BusinessEurope last week highlighted how a consistent global tax system is essential for business and will foster cross-border trade and investment.
ICC calls on the World Customs Organization to encourage customs administrations to grant payment and debt relief on ATA Carnets issued in Ukraine given the ongoing crisis.
A discussion paper outlining considerations to guide short and long-term policy making on taxation issues relating to working from home.
Based on a wide range of business experiences, ICC has developed the principles below which should be taken into account for developing market-based instruments under Article 6 of the Paris Agreement.
ICC has today called on governments to “get smart” in how they use carbon pricing instruments to accelerate the transition to a net-zero economy at the lowest possible economic cost.
ICC has responded to a decision taken today by G20 Finance Ministers to endorse the agreement broached by 136 members of the Organisation for Economic Cooperation and Development (OECD) Inclusive Framework last week, calling for rapid clarity regarding the application and implementation of the proposed rules to address the tax challenges of the digitalisation of the economy.
ICC has announced the election of two new members to its 28-member Executive Board.
