Tax chiefs in Asia-Pacific region discuss digital tax

Republic of Korea's National Tax Service Commissioner Kim Hyun-jun at the event (Photo: Yonhap)

Hanoi (VNA) - Tax chiefs from 17 Asia-Pacific countries and territories, including Vietnam, began their annual talks in Indonesia to discuss a digital tax and how to tackle the issue of base erosion and profit shifting (BEPS).

BEPS refers to tax avoidance strategies that exploit gaps and mismatches in tax rules to artificially shift profit to low or no-tax locations.

In 2015, leaders of the Group of 20 advanced economies agreed to give countries the tools they need to ensure that a so-called "Google tax" will be levied against multinationals that try to avoid paying their dues in countries where they make a profit, Yonhap News Agency reported.

The Asia-Pacific tax authorities agreed to avoid double taxation and to exchange tax information meant to prevent offshore tax evasion, according to the Korean National Tax Service.

The meeting of the Study Group on Asian Tax Administration and Research will last three days, with the participation of 17 members, namely the Republic of Korea, Japan, China, Australia, Vietnam, Indonesia, the Philippines, Malaysia, Taiwan, Singapore, Hong Kong, Thailand, Mongolia, New Zealand, Macau, Cambodia and Papua New Guinea./.