OECD Digital Tax Plan Shifts Tax Risk For Asset Managers
Law360 (December 16, 2019, 5:14 PM EST) -- Much as been said about the Organisation for Economic Cooperation and Development’s digital tax proposal published in October, called "pillar one," and its impact on large companies providing digital services. But businesses across all industries stand to be impacted by the proposal, particularly where a bulk of profits come from services that are provided remotely.
The asset management industry falls squarely within this category. The world’s top financial services companies have clients globally, and it is rare to see the most profitable businesses serving primarily clients in the same jurisdiction (let alone in person, down the road).
Pillar one proposes a...
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