Caribbean Community (CARICOM) finance ministers have joined their Commonwealth colleagues in urging progress on taxing digital commerce to tackle debt.

The ministers say they have also recognized the potential of technology to improve debt transparency while urging closer collaboration to resolve tax challenges arising from growing digital commerce.

The ministers, who met here for the 2019 Commonwealth Finance Ministers Meeting under the theme “Preventing debt crises: the role of creditors and debtors,” noted that revenues from tax collection are important for maintaining debt at sustainable levels, yet can often be impaired by the digitalization of trade in services, as this often results in countries being unable to determine when, how and where taxes on digital transactions should be collected.

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