Nairobi, April 28 -- The world is undergoing a major transformation in the international tax landscape, informed by, among others, changes in business models and globalisation.

These changes are expected to have a major impact on the standard fiscal toolkits for national investment policymakers and investment promotion institutions.

The revised tax rules were partly informed by what was termed the race to the bottom. This was characterised by countries reducing their corporate income tax rates or even eliminating them altogether in a bid to attract and retain foreign direct investment (FDI). This created tax competition as countries outdid each other in lowering their tax rates.

In 2020, member jurisdictions of the Inclusive Framework ...