• Latest
  • Trending
  • All
  • News
  • Business
  • Politics
  • Lifestyle
Commonwealth finance ministers urge progress on taxing digital commerce to tackle debt

Commonwealth finance ministers urge progress on taxing digital commerce to tackle debt

October 24, 2019
Airtel, Dlight Uganda partner to offer smartphones to customers on hire purchase

Airtel, Dlight Uganda partner to offer smartphones to customers on hire purchase

August 16, 2022
Raila Odinga quits repeat of Presidential elections

FULL SPEECH: Odinga rejects Kenyan presidential election results, says IEBC chairman dictated, going to court

August 16, 2022
Tax exemptions, incentives still hurting economy, gov’t  told

Tax exemptions, incentives still hurting economy, gov’t  told

August 16, 2022
South Sudan: Juba gets grid power

Kampala, Masaka, Kamuli lead in vandalising electricity wires

August 16, 2022
Youth at the forefront of saving the environment

Youth at the forefront of saving the environment

August 16, 2022
TotalEnergies, Makerere sign deal to boost higher education

TotalEnergies, Makerere sign deal to boost higher education

August 16, 2022
DP party members arrested for “invading” headquarters in Nakulabye

DP party members arrested for “invading” headquarters in Nakulabye

August 16, 2022

19 judges reshuffled, 16 new ones deployed

August 16, 2022
Why all these youth entrepreneurship grants are not bearing fruit

Ugandan youths to benefit from € 7 million skilling project

August 16, 2022
The untold story why bibanja evictions are rooted in Mailo tenure

Opinion: Introduction of mailo was a colonial tool to collect revenue

August 16, 2022
Logo
  • News
    • Politics
    • Business
    • 2021 Elections Watch
      • The Election Podcast
    • Exclusive
    • Investigations
  • Education
  • Security
    • Cyber Security
  • Health
    • Coronavirus outbreak
  • Opinions
    • Columns
      • Parting Shot
      • Two Sides of a Coin
      • Bazanye’s Quick Shots
      • Mable Twegumye Zake’s #BitsOfMe&You
      • But this Year!
      • What Did I Miss?
  • Lifestyle
    • Hatmahz Kitchen
    • Food Hub
    • Let’s Talk About Sex
    • Entertainment
    • Tour & Travel
    • Love Therapist
    • Homes
  • Global
    • Africa
    • Asia
    • Middle East
    • Europe
    • The Americas
  • East Africa
    • Kenya
    • Rwanda
    • Tanzania
    • South Sudan
    • DR Congo
    • Ethiopia
    • Sudan
  • Technology
  • Ask the Mechanic
  • Special Reports
    • Kabaka Mutebi’s 25th Coronation Series
    • Focus on Somalia
    • Sino-Africa
    • Uganda at 56
    • Anti-Corruption Fight
    • Age Limit Map
    • Tuve Ku Kaveera
  • Sports
    • Place-It
    • StarTimes Uganda Premier League
    • Bundesliga
    • World Cup
  • Jobs
No Result
View All Result
Logo
No Result
View All Result
Home Global Watch

Commonwealth finance ministers urge progress on taxing digital commerce to tackle debt

Amon Katungulu by Amon Katungulu
October 24, 2019
in Global Watch
Reading Time: 2 mins read
0
Commonwealth finance ministers urge progress on taxing digital commerce to tackle debt

Commonwealth finance ministers have recognised the potential of technology to improve debt transparency while urging closer collaboration to resolve tax challenges arising from growing digital commerce.

Revenues from tax collection are important for maintaining debt at sustainable levels, yet can often be impaired by the digitalisation of trade in services, as this often results in countries being unable to determine when, how and where taxes on digital transactions should be collected.

Ministers have therefore agreed that the Commonwealth should bring its powerful collective voice to ongoing discussions at the Organisation for Economic Co-operation and Development (OECD), particularly on behalf of smaller states.

AD-03 AD-03 AD-03
ADVERTISEMENT

International agreement on digital taxation could enable countries to benefit by taxing large tech giants, even if they do not operate within their jurisdictions.

These decisions were made by ministers gathered in Washington DC for the 2019 Commonwealth Finance Ministers Meeting under the theme ‘preventing debt crises: the role of creditors and debtors’.

ADVERTISEMENT

Commonwealth Secretary-General Patricia Scotland said: “The Commonwealth has a distinctive contribution to make by bringing together nations with developed and developing economies to agree on collective approaches and action towards a fair and equitable global system for taxing multinational businesses in a swiftly digitalising economy

“We need a rule-based system that is inclusive, transparent and efficient so that all countries have a means of collecting revenue and are thereby able to avoid accumulating excessive debt. It goes hand in hand with accelerating the gains to be made by addressing climate change and making progress towards achieving the sustainable development goals.”

Ministers saw global trade and geopolitical tensions as having ‘intensified’, in a context where global debt has risen to an all-time high, estimated at $19 trillion.

They stressed the need to make debt easier to manage for vulnerable countries, and for them to be eligible for periods of relief to stabilise growth during economic shocks.

As seen in the past, disasters can push countries into taking on emergency loans to rebuild and recover. Such debt can easily become unsustainable for most low and middle-income countries, making them vulnerable to debt distress.

The Minister of Finance of Cyprus, Harris Georgiades, who chaired the meeting, said: “Disruptive technologies are challenging the financial system by increasing competition and reshaping conventional business models, thereby fuelling the creation of a whole new kind of financial ecosystem.”

During the meeting, ministers also reviewed a suite of Commonwealth initiatives, including a disaster risk portal to offer streamlined and integrated information on available funds to respond to disasters, and a fin-tech toolkit to help banks leverage innovation in the financial sector.

The Commonwealth gave a presentation on its flagship debt management system ‘Commonwealth Meridian’ which is used by 63 countries to manage their debt which combines to a total of $2.5 trillion.

Considerable progress is expected to have been made on the various action and initiatives discussed by the time of the next Commonwealth Finance Ministers Meeting, which will be chaired by Botswana in Washington DC in 2020.

Tags: commonwealthfinance ministers
ShareTweetSend
Previous Post

Protests in Ethiopia’s Oromia region call security into question

Next Post

“I fear for my sister’s life”

Amon Katungulu

Amon Katungulu

Related Posts

Russia vows to expand relations with North Korea

Russia vows to expand relations with North Korea

by NP admin
August 15, 2022
0

Russia has vowed to "expand comprehensive and constructive bilateral relations" with North Korea, said its President Vladimir Putin. In...

US congress team follows Pelosi to Taiwan

US congress team follows Pelosi to Taiwan

by NP admin
August 15, 2022
0

A US congressional delegation has arrived for an unannounced visit to Taiwan, 12 days after a tour of the island...

Sierra Leone President describes protests against high cost of living as acts of terrorism

Sierra Leone President describes protests against high cost of living as acts of terrorism

by NP admin
August 12, 2022
0

Sierra Leonean President Julius Maada Bio has described anti-government protests in the country as acts of terrorism instigated by agitators...

Why can’t former African presidents be allowed to rest in peace?

Why can’t former African presidents be allowed to rest in peace?

by NP admin
August 11, 2022
0

I am not sure I can offer a categorical theory yet, but it does look to me that being a...

Next Post
“I fear for my sister’s life”

"I fear for my sister's life"

  • Trending
  • Comments
  • Latest
Miguna Miguna: Bobi Wine, and Besigye are hypocrites, why are they observers in Kenya yet they support Raila?

Bobi flees Kenya as his American colleague Jeffrey Smith courts Besigye on Uganda politics

August 11, 2022
How Museveni found himself trapped in the middle of William Ruto’s troubles

How Museveni found himself trapped in the middle of William Ruto’s troubles

August 3, 2021
Top 10 African countries with exceptionally beautiful women

Top 10 African countries with exceptionally beautiful women

April 29, 2021
Airtel, Dlight Uganda partner to offer smartphones to customers on hire purchase

Airtel, Dlight Uganda partner to offer smartphones to customers on hire purchase

August 16, 2022
Raila Odinga quits repeat of Presidential elections

FULL SPEECH: Odinga rejects Kenyan presidential election results, says IEBC chairman dictated, going to court

August 16, 2022
Tax exemptions, incentives still hurting economy, gov’t  told

Tax exemptions, incentives still hurting economy, gov’t  told

August 16, 2022
  • About
  • Advertise
  • Privacy & Policy
  • Careers
Call us: +256-417-720-101
Email: [email protected]

© 2020 Nile Post Uganda Ltd. - A Next Media Services Company.

No Result
View All Result
  • News
    • Politics
    • Business
    • 2021 Elections Watch
      • The Election Podcast
    • Exclusive
    • Investigations
  • Education
  • Security
    • Cyber Security
  • Health
    • Coronavirus outbreak
  • Opinions
    • Columns
      • Parting Shot
      • Two Sides of a Coin
      • Bazanye’s Quick Shots
      • Mable Twegumye Zake’s #BitsOfMe&You
      • But this Year!
      • What Did I Miss?
  • Lifestyle
    • Hatmahz Kitchen
    • Food Hub
    • Let’s Talk About Sex
    • Entertainment
    • Tour & Travel
    • Love Therapist
    • Homes
  • Global
    • Africa
    • Asia
    • Middle East
    • Europe
    • The Americas
  • East Africa
    • Kenya
    • Rwanda
    • Tanzania
    • South Sudan
    • DR Congo
    • Ethiopia
    • Sudan
  • Technology
  • Ask the Mechanic
  • Special Reports
    • Kabaka Mutebi’s 25th Coronation Series
    • Focus on Somalia
    • Sino-Africa
    • Uganda at 56
    • Anti-Corruption Fight
    • Age Limit Map
    • Tuve Ku Kaveera
  • Sports
    • Place-It
    • StarTimes Uganda Premier League
    • Bundesliga
    • World Cup
  • Jobs

© 2020 Nile Post Uganda Ltd. - A Next Media Services Company.