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New corporate taxation system imperative in this digital era

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What sort of corporate taxation system is appropriate in this digital era of corporate profits arising from online data exchanges?

The Group of 20 Finance Ministers and Central Bank Governors Meeting, held earlier this week in Fukuoka, confirmed the need to devise common rules to create a global corporate taxation system.

But as to the specifics of the restructuring, each nation has its own agenda. Forging an agreement will not be easy since taxation is "the ultimate embodiment of national sovereignty" in the words of Finance Minister Taro Aso.

However, tax reform befitting this digital era is imperative, and we hope the G-20 finance chiefs will strive to find common ground.

The premise of the current rules is that corporations manufacture and sell goods, and they are taxed on the profits generated at points of manufacture or sale,........

© The Asahi Shimbun