The United Nation’s Tax Committee of Experts has indicated support for an initiative to assist developing nations in taxing Big Tech, Bloomberg Tax reported.
The committee voted 12-10 on Friday, October 23, to include Article 12B, an amendment, to its model agreement.
Proponents have cautioned that developing nations don’t have a sufficiently large role in an initiative headed up by the Organization for Economic Cooperation and Development to get almost 140 nations to revamp the way in which the digital economy is taxed.
Those skeptical of the bill contend that the United Nations approach could bring about further division on the taxation of digital revenue of tech firms such as Amazon and Facebook.
The committee will wait on the final go-ahead to provide opposing nations with time to write about their objections in the completed iteration.
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