10 Minutes on the OECD's BEPS project

The international tax system is changing rapidly as a result of coordinated actions by governments and of unilateral measures designed by individual countries, both intended to tackle concerns over base erosion and profit shifting (BEPS) and perceived international tax avoidance techniques of high-profile multinationals. The recommendations of the BEPS Project led by the Organisation for Economic Cooperation and Development (OECD) and published in October 2015 are at the root of much of the coordinated activity, although the timing and methods of implementation vary. At the completion of this scheduled programme, it started to be recognised as the end of phase one of the project and the start of phase two, dealing with outstanding or additional work, implementation and monitoring.

Key  points:

• See what's behind BEPS-driven rule changes and the tax areas being addressed
• Understand how those rule changes could affect your global operations and tax planning
• Find out what is in the OECD's recommendations, particularly the allocation of profits within multinationals
• Learn what you will be required to disclose about your business structure and results—and the potential risks you face in doing so
• Move quickly to start reviewing current tax arrangements and to implement flexible planning for BEPS-related rule changes