Yoon Tae-sik, Deputy Minister for Economic Affairs at the Ministry of Economy and Finance, to Attend OECD Ministerial Council Meeting Next Month... Discussion on Digital Tax
[Sejong=Asia Economy Reporter Son Seon-hee] Yoon Tae-sik, International Economic Management Officer (Vice Minister) of the Ministry of Economy and Finance, is scheduled to attend the '2021 Organisation for Economic Co-operation and Development (OECD) Ministerial Council Meeting' held in Paris, France, for two days starting from the 5th of next month (local time) to discuss external economic issues such as the digital tax.
According to the Ministry of Economy and Finance on the 30th, this OECD Ministerial Council Meeting will be held under the theme of 'Common Values for Realizing a Green and Inclusive Future.' Ministers from 38 OECD member countries, 11 non-member countries including China and India, and representatives from 11 international organizations such as the International Monetary Fund (IMF) and the World Bank (WB) will attend. Korea will participate as a vice-chair country, with senior representatives from relevant ministries attending detailed sessions. This year, the chair country is the United States, and the vice-chair countries are Korea and Luxembourg.
The government delegation consists of Foreign Minister Chung Eui-yong (chief representative), Cho Kyung-sik, 2nd Vice Minister of the Ministry of Science and ICT, Yeo Han-gu, Director-General for Trade of the Ministry of Trade, Industry and Energy, and Officer Yoon.
Officer Yoon is expected to attend the digital tax-related breakfast session, the plenary session, and breakout discussions of the green future session on-site. In particular, he will present Korea's position regarding the final digital tax proposal to be submitted at the OECD/G20 Inclusive Framework (IF) meeting scheduled for the 8th of next month.
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The digital tax involves two main pillars: allocating taxing rights to the country where sales occur (market jurisdiction) and introducing a global minimum tax rate to prevent tax avoidance by global companies. Countries around the world are currently discussing these issues. If a final proposal is reached at this meeting, it is expected that signatures will be made among leaders at the G20 summit scheduled in Rome, Italy, next month.
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