Explore the impact of the digital economy on banks and the financial sector, including key fiscal considerations and BEPS proposals. Learn how FINTECH is revolutionizing financial services and the implications for taxation and regulatory frameworks.
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Presentation Transcript
With an Emphasis on Banks and the Financial Sector Gregory Pavin, EY 4 August 2016
Agenda What is the digital economy? How does it apply to Banks, Insurers, and the Financial Sector What are the key fiscal considerations of the evolving FINTECH space under BEPS BEPS and the Digital Economy Generally BEPS for Financials
Digital Economy and Financials FINTECH is changing the financial sector What you do How you do it Who you do it for Where you do it How you are taxed
Fiscal Considerations for the Digital Economy TP and IP considerations Applying general fiscal considerations Consideration of modifying fiscal approaches
BEPS proposals for Digital Economy Encourage countries to adopt immediately Consider 3 broad approaches to tax reform Analyze party bearing tax impact Not adopt any of these 3 approaches Countries are free to adopt Perhaps encouraged Be mindful of existing treaty obligations Belief is that other BEPS measures address
BEPS Actions Impacting Digital Economy and Financials Modify Permanent Establishment rules Update Transfer Pricing Principles Cash box for IP ownership / risk management Risk free return DEMPE functions and returns Consider application to financials Risk and capital Customer relationships Enact CFC rules to consider financial income
Recent Industry Developments Banks and Permanent Establishments Banks and booking / trading models Insurers and Reinsurance Insurers and big data Payment processors
