International Fiscal Association Korea is hosting a conference to discuss international trade and taxation issues in the era of digital transformation on May 30-31.

The conference was co-hosted by the Ministry of Trade, Industry and Energy, Korea International Trade Association and Tax Executive Institute. It took place in KITA World Trade Center in Seoul. 

On the first day, panelists before some 80-strong audience discussed the repercussions of digital transformation in the global trade policy, the concept of digital service tax, challenges to the profit allocation and nexus rules and the development of extraterritorial VAT systems.

Sessions on May 31 are expected to feature a discussion on diverted profit tax and measures for base erosion and profit shifting.

The event is designed to “promote a fair and reasonable debate on the important international taxation issues that arise from the digitalized economy and changes in the international trade system,” said IFA Korea President Lee Kyung-geun.

By Son Ji-hyoung (consnow@heraldcorp.com)