13 February 2019 – As part of the ongoing work on the Base Erosion and Profit Shifting (BEPS) Project, the OECD issued a Public Consultation Document on possible solutions to the tax challenges arising from the digitalisation of the economy. Some of its proposals are not limited to highly digitised businesses such as social media platforms, search engines and online marketplaces, and so could potentially affect financial services. The OECD is aiming for a consensus-based long-term solution but, in the meantime, the UK is working on a temporary, unilateral Digital Services Tax to be charged at 2% of revenues from in-scope businesses, subject to de minimis levels of sales, starting in April 2020.