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When GDP was first postulated in the first half of the last century, it measured physical goods and services within a brick-and-mortar environment, to represent a country’s economic contribution to the global economy. But in a world where assets and services are not just physical but digital, intangible, fluid and often volatile, a century-old tax regulation is no longer fit for purpose and needs an overhaul.

Globally, digital goods and services drive today’s $11.5bn digital economy, and its growth trajectory is set to soar exponentially due to the acceleration of digital transformation, decentralised workplaces and digital-first environments that have become the Covid-19 pandemic’s preferred way of working. Unfortunately, our systems and legislation have failed to keep pace with the way goods and services are produced and consumed in today’s world...

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