Outdated international tax regime for Internet companies addressed during conference in London

During the Federation of Small Business Conference in London, British Chancellor George Osborne has called for an update in international tax laws, as they have not ‘kept pace’ with the development of the Internet. ‘There is a challenge; the tax laws used to tax multi-national corporations were devised in the 1920s,’ he said. Hope for an international agreement is on the rise, however, as 30 countries signed a deal to exchange information about tax affairs last week.