However, the rise of certain digital activities and novel business models has become a growing challenge for existing taxation systems. What are the concrete measures the EU is taking up to boost its digital economy? The digital single market strategy aims to ensure that Europe's economy, industry and society take full advantage of the new digital era.Alongside e-solutions and data, and cross-border digital services, it is an integral part of EU's project for a digital Europe. According to management consultancy Accenture, it accounted for 25% of EU GDP in 2016, or €3.7trn, and will grow to €4.4trn by 2020. Three quarters of the value created by digital trade accrues to firms not usually viewed as “Internet companies,” such as manufacturers, retailers and banks. For this reason, in line with the main goals of the EU’s Digital Agenda, the EIB is committed to supporting Europe’s growing data traffic, by investing in high-speed internet, mobile networks and cloud computing. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. The Council’s conclusions on “Responding to the challenges of taxation of profits of the digital economy” adopted by the ECOFIN in December 2017 (see ETF 345) further aimed at defining a common EU approach to the issue, while highlighting the urgency of agreeing on a policy response at the global level. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell My Personal Information | Ad Choices  The digital economy is the economy in terms of computing technologies, and it is fueled by tech businesses and its employees. Written by Marcin Grajewski, The European Union is presented with many opportunities and challenges from the rapid development of the digital economy, with its fast growth of data flows, domination of U.S. firms, concern of privacy and new business models in many sectors. A European way to digital transformation which enhances our democratic values, respects our fundamental rights, and contributes to a sustainable, climate-neutral and resource-efficient economy. The committee monitors a variety of e-Services. Digitalisation of industry and services has an important role in spurring innovation and creating added value. About half of all European OECD countries have either announced, proposed, or implemented a digital services tax (DST), which is a tax on selected gross revenue streams of large digital companies. Facebook). The digital, or internet, economy has transformed many aspects of our lives over the past two decades. Type of publication: eBook in PDF format. Digital technology is changing people’s lives. The EU should adopt policies that promote a rapid deployment of digital technologies and solutions in society and the economy, and especially among SMEs. Trump has prepared his pardon list for family and aides—and maybe himself, ‘We will never concede’: How Donald Trump incited an attack on America, Pro-Trump rioters could face up to 20 years in prison, CA Notice at Collection and Privacy Notice, http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. The EU is working on adapting member states' taxation systems to make them fit for the digital … Data mobility must be improved both in the European single market and globally. The Commission is determined to make this Europe's “Digital Decade”. The information society is a central factor influencing modern development and is a major employer in the EU, giving Europe significant social, cultural and economic opportunities. Digital is crucial to ensure Europe’s competitive advantage in the global economy and deliver growth and jobs. Microsoft’s Unwavering Commitment to Digital Safety EU Commission releases package on Fair and Effective Taxation of the Digital Economy Digital Economy – EU Directive - Recommendations to amend Double Tax Treaties - Digital Services Tax – Digital Permanent Establishment – OECD: Interim Report. On November 9, 2015, the Secretary of Commerce unveiled the Department of Commerce’s new Digital Economy Agenda, which will help businesses and consumers realize the potential of the digital economy to advance growth and opportunity. ‘Apps’, social networks or buying products and services online have all become an integral part of our lives. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. There is an important ongoing debate on the direct and indirect taxation of the digital economy. The digital economy has brought many benefits to citizens and companies. As a part of building on its continuous support to Jordan’s innovation industry, the European Union in cooperation with the Ministry of Planning and International Cooperation and the Ministry for Digital Economy and Entrepreneurship, on Tuesday (29 September 2020) celebrated the launch of the new EU-funded programme “Innovation for Enterprise Growth and Jobs” “Innovate Jordan”. In order to accelerate sustainable socio-economic development on the continent and encourage building the digital economy, we are looking for the following ideas: Startup and innovation ecosystem building projects, with the special focus on connecting the different regions in the continent. Quotes delayed at least 15 minutes. To become a major player in the global digital economy and to meet the needs of businesses, the EU should draw up a road map for developing its regulatory environment for data and promoting the fair and innovative use of data. Debate on the taxation of the digital economy. digital economy; digital economy. +358 295 063 680, [email protected], EU2019FI in Twitter EU2019FI in Instagram EU2019FI in Flickr EU2019FI in YouTube, Promoting climate issues during Finland’s Presidency. Powered and implemented by Interactive Data Managed Solutions. An open, democratic and sustainable digital society. Basic facts and figures on EU population and size, economy, employment levels and quality of life, and also some basic information about EU administration, its staff, languages and location. +358 295 064 820, [email protected], Maikki Sipinen, Specialist, Ministry of Economic Affairs and Employment, tel. The cybersecurity competence network would consist of national coordination centres appointed by member states. Digital Economy Register Now As a continent with the constant lack of jobs for the young people who enter the job market, Africa has to focus on building a strong entrepreneurial ecosystem that supports homegrown firms to generate world class products and services which help to widen and deepen digital economic transformation. It is estimated that in the next decade, digital economy will account for 25% of global GDP." Number of pages: 356. November 05. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. It will support the digital transformation of European businesses and especially of SMEs and boost investment in supercomputing and AI, among others. Where: Brussels, Belgium. © 2020 Fortune Media IP Limited. Its intent was to help define a common EU approach to the issue, while highlighting the urgency of finding global agreement on a policy response. Digital Economy in Japan and the EU - an Assessment of the Common Challenges and the Collaboration Potential This report has been undertaken in the framework of the new " Minerva Fellowship " programme initiated by the Centre in 2013 and is based on desk and field … Other: This format has a fixed layout and is identical to the original print book. The package contains two new draft EU Directives: • The first proposed Directive represents a (long-term) solution where Member States would be able to tax profits that are generated in their territory, even if a company does not have a physical presence there. Subtitle: The EU Proposals and Other Insights. Calendar . Alibaba, the most valuable retailer, has no inventory. Münster Colloquia on EU Law and the Digital Economy. There should be incentives for businesses to share data and develop joint use of data, and Europe should be made into an attractive investment environment for data businesses. EU’s digital single market: artificial intelligence, European cybersecurity competence centre and network, Nina Alatalo, Chief Specialist, Ministry of Economic Affairs and Employment, tel. Tax policy designed to target a single sector or activity is likely to be unfair and have complex consequences. Green future: how will Europe power its low-carbon economy? Terms & Conditions. The Digital Europe programme will bridge the EU’s digital investment gap for the period of the next long-term EU budget from 2021 to 2027. (c) The nature of the market dominance of technology giants in the digital economy warrants either the imposition of some kind of regulation or a fundamental change in antitrust policy. “With the ever-growing role of industrial data in our economy, Europe needs an open yet sovereign single market for data,” said Internal Market Commissioner Thierry … Digital transformation is one of the cornerstones of European success in international competition. 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