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Finance minister: EU tax norms need to be adapted to suit digital era

The tax norms of the EU need to be adapted to fit in the digital era, Minister of Finance Toomas Tõniste said talking about the 2017 Estonian EU council presidency before the economic and monetary affairs committee of the European Parliament on Wednesday.

One of the priorities of the Estonian presidency was initiating a discussion in the Council of the EU about the challenges related to the taxation of profits in the digital economy, Tõniste said according to ERR News.

“We are deeply convinced that the EU must take urgent measures for the tax norms of the union to become suited to the digital era,” Tõniste said. “The digital economy is here to stay. This is increasingly putting the valid international tax norms to a test that were developed with the traditional economy in mind.”

Tõniste minister pointed out that at the meeting of the EU Economic and Financial Affairs Council last December, conclusions were adopted concerning the taxation of profits in the digital economy.

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