The conference focused on the ongoing developments in business taxation.
On the international front, the past year has seen the introduction of minimum taxes in countries around the world. Arguably, this has been the most significant development in international business taxation in a century. While progress has also been made on Pillar 1, there is more uncertainty about its implementation. This has led to discussions on what policies countries might adopt instead, including digital service taxes, withholding taxes à la United Nations Article 12B, and other more creative alternatives. While these substantive developments have been taking place, steps have also been made at the UN with the aim of altering international tax governance.
On the domestic front, recent transfer pricing disputes between HMRC and business have again brought to the fore fundamental weaknesses in the system. Beyond this and more generally, the Labour Party – which appears to have an unassailable lead in the polls – has promised a business tax roadmap within the first six months of its government, if elected.
All these issues raise questions that are academically profound and practically important, including: How are countries and businesses responding to global minimum taxes? How do alternative policies to Pillar 1 compare with one another? What does true inclusivity in international tax governance mean, can it ever be achieved, and how? Can a UN that is more active in international business taxation co-exist with the OECD, and how? What is at the root of recent transfer pricing disputes, what lessons can be learnt from them, and how can they be resolved? How does the UK’s current business tax regime compare internationally and how does it compare with previous regimes? What should an ambitious, yet realistic UK business tax roadmap include? What should it not include?
These and other questions were discussed by a distinguished group of speakers from international organisations, business, and academia at the 2024 Oxford University Centre for Business Taxation Annual Summer Conference.
