On September 12, ISDA, UK Finance, the Global Foreign Exchange Division and the Commodities Working Group of the Global Financial Markets Association, and the European Venues and Intermediaries Association responded to the HMRC and HM Treasury technical consultation on the UK digital services tax (DST).
The response letter highlighted that the associations welcome the government’s efforts to reform the corporate tax rules to achieve a fair tax system and to address the tax challenges arising from digitization. The signatories support the efforts to achieve a sustainable long-term solution that would involve an internationally coordinated approach through the G-7, G-20 and the Organisation for Economic Co-operation and Development, and at the same time welcome the government’s commitment to disapplying the proposed DST once an international solution is in place.
The Associations raised issues on the scope of the financial services exemption and other matters to prevent unintended consequences for the financial services industry and stressed that in the event that the government decides to proceed with the DST ahead of an international regime, it is important that the DST legislation is targeted and proportionate to fulfill its objectives.
Documents (1) for Response to HMRC and HM Treasury Technical Consultation on the UK Digital Services Tax (DST)
Latest
ISDA Publishes Updated ISDA SIMM Governance
ISDA has published an updated version of the ISDA SIMM® Governance Framework, which sets out the principles under which the ISDA Standard Initial Margin Model® operates and the process through which it will be reviewed and amended on a consistent...
ISDA Response to PRA IMA Consultation
On September 18, ISDA, the Association for Financial Markets in Europe, the Institute of International Finance and UK Finance submitted a joint response to the UK Prudential Regulation Authority consultation on adjustments to the internal model approach (IMA) for the...
Calibration Test – IQ September 2026
Calibrating capital requirements is a highly complex undertaking and getting it wrong can have serious consequences. Too much lenience might lead to banks holding insufficient capital to mitigate their risks. But excess conservatism can put balance sheets under strain, forcing...
US Treasury Repo Clearing Indicators July 2026
The ISDA-Actrix US Treasury Repo Market Clearing Indicators illustrate central clearing adoption in the US Treasury repo market. Sponsored cleared repo volumes are used as a proxy to monitor client participation in central clearing, a key objective of the Securities...