Like the OECD, the EC is strongly advocating multilateral tax reforms that aim to standardize tax regimes among countries. The body published the Code of Conduct on Withholding Tax in November 2017. The Code incorporates content from the Fiscal Compliance group (FISCO) and the Tax Barriers Business Advisory Group (T-BAG), positing a range of approaches to improve efficiency. It strongly advocates for relief at source, providing solutions directed to the entire custody chain—tax authorities, intermediaries, and beneficial owners.
Traditional banks must evaluate their place within the payments ecosystem and be open to partnering with FinTechs and third-party developers to drive value collaboratively.
Structural changes are spurring payments industry participants to evaluate the future of the business as well as their role in the months and years ahead.
The Payment Services Directive 2 or PSD2 has been in full force for more than six months, and its impact is being felt not just in the European Union, but across the globe – with several markets, such as Singapore, Australia, and Nigeria, as well as Hong Kong announcing open banking initiatives inspired by the PSD2