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According to the International Association of Privacy Professionals (IAPP), Hong Kong's Office of the Privacy Commissioner for Personal Data has published a guidance note and accompanying frequently-asked-questions document on the use of the EU's updated standard contractual clauses (SCCs). The PCPD noted the SCCs are relevant for Hong Kong-based businesses "if the obligations under the GDPR apply to it as an exporting party on an extra-territorial basis."
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According to the International Association of Privacy Professionals (IAPP), Hong Kong's Office of the Privacy Commissioner for Personal Data has published a guidance note and accompanying frequently-asked-questions document on the use of the EU's updated standard contractual clauses (SCCs). The PCPD noted the SCCs are relevant for Hong Kong-based businesses "if the obligations under the GDPR apply to it as an exporting party on an extra-territorial basis."
The UN Conference on Trade and Development's 15th quadrennial conference (UNCTAD15) was convened online and hosted by Barbados from 3-7 October 2021 under the theme 'From inequality and vulnerability to prosperity for all.' During the event, science, technology, and innovation (STI) ministers and experts underscored the importance of key enabling and supportive government policies to unlock the actual benefits of new and frontier technology. The conference addressed the question of why the policy is vital to ensuring new technologies and data are harnessed in ways that boost economic recovery, reduce inequality, and foster sustainable development. 'The impact of technology on the quality of economic, social and environmental outcomes is not deterministic. The trajectory of technological change can be influenced by policy choices, and sometimes by the absence of any informed choice,' highlighted UNCTAD Deputy Secretary-General Isabelle Durant during the opening session. The conference has further pinpointed key actions to harness the true potential of technologies such as artificial intelligence (AI), robotics, drones, and gene editing while minimising their potential harms.
[field] => Array ( [revar] => ) ) Array ( [id] => 71354 [title] => Countries agree on finalised framework for OECD's Two-Pillar global tax reform [router] => countries-agree-on-finalised-framework-for-oecds-two-pillar-global-tax-reform [subtitle] => [description] => [prop] => [tag] => Digital business models,Taxation [cover] => /web/uploads/image/20230811/2O0TLc10ShP345819O6w1DpuDNf7PQ01.webp [columnid] => 234 [columnname] => News [iscomment] => 0 [sort] => 0 [source] => [author] => [goods_price] => 0.00 [goods_sellnum] => 0 [goods_num] => 0 [contentid] => 90455 [fieldid] => 0 [views] => 284 [cetime] => 1696767660 [uptime] => 1699849339 [seo_title] => Countries agree on finalised framework for OECD's Two-Pillar global tax reform [seo_keyword] => Digital business models,Taxation [seo_description] => A total of 136 countries have agreed to the final framework for the OECD's new global corporate tax rules, which will affect giant tech companies including [pushopts] => {"isgglj":1,"isyhlj":1,"isbinglj":1} [revar] => [columns] => Array ( [id] => 234 [title] => News [subtitle] => [description] => [callidentity] => [cover] => [pcisshow] => 1 [mobisshow] => 1 [parentid] => 68 [topid] => 9 [sort] => 0 [router] => news [linkurl] => [prop] => 2 [docopt] => 1 [showcount] => 0 [tpl_pc_cover] => [tpl_pc_list] => [tpl_pc_content] => [tpl_mob_cover] => [tpl_mob_list] => [tpl_mob_content] => [seo_title] => [seo_description] => [seo_keyword] => [pushopts] => {"isbdlj":0} [visible] => 0 [contentid] => 0 [fieldid] => 0 [multiimgid] => 0 [isdis] => 0 [is_urlformat] => 1 [cetime] => 0 [uptime] => 1722570848 [lang_id] => en ) [columnrouter] => /support/events-news/news [content] =>A total of 136 countries have agreed to the final framework for the OECD's new global corporate tax rules, which will affect giant tech companies including Google, Apple, Facebook, and Amazon.
The October agreement -the so-called Statement on the Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy with a Detailed Implementation Plan -updated and finalised the agreement which 131 countries agreed to in July. There were three important developments.
First, the rate of the minimum tax under Pillar Two is now set at 15%. Second, there is now a detailed implementation plan in place. Third, new countries have agreed to sign up to the new tax rules. These include Ireland, the country which opposed the new rules the most.
'Today's agreement will make our international tax arrangements fairer and work better. This is a major victory for effective and balanced multilateralism. It is a far-reaching agreement which ensures our international tax system is fit for purpose in a digitalised and globalised world economy,' OECD Secretary-General Mathias Cormann said. 'We must now work swiftly and diligently to ensure the effective implementation of this major reform.'
The agreement is supported by all OECD and G20 countries, except Kenya, Nigeria, Pakistan, and Sri Lanka.
Read our full coverage of the OECD's new tax rules.
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