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ACCA Calls For Calm On UK BEPS Response

by Jason Gorringe,, London

15 November 2016

Chas Roy-Chowdhury, the head of taxation at the Association of Certified Chartered Accountants, has said the UK should follow the crowd in its response to base erosion and profit shifting, rather than leading the crowd, following the Brexit vote.

Roy-Chowdhury recommended that the adoption of measures proposed by the OECD to tackle base erosion and profit shifting, instead of UK or European deviations, would alleviate the administrative burden on the UK Government, at a time when it is likely to be stretched by Brexit negotiations.

"Against all the other uncertainties facing the global economy, further revisions to the high-level framework for taxation of multinational corporations would be an unwelcome distraction at a time when business will be most concerned with responding to a volatile global political and economic backdrop, and the UK civil service will need its brightest and its best to focus upon the key issues of securing future trade options and growth opportunities," he said.

He noted: "Developing alternative models for cross-border taxation of multinational corporations is hugely resource intensive – diverting that resource into revised models for the taxation of profits cannot be as productive in the short term as protecting and nurturing the underlying capacity to create those profits in the first place. HMRC should stick as closely as possible to the existing base erosion and profit shifting (BEPS) framework; however justified criticisms of elements of BEPS may be, a single seamless model for global taxation will drive better outcomes than a patchwork of fragmented interpretations of 'perfection.'"

TAGS: tax | investment | business | tax avoidance | law | Organisation for Economic Co-operation and Development (OECD) | United Kingdom | enforcement | tax authority | agreements | multinationals | legislation | tax planning | transfer pricing | tax reform | standards | trade | European Union (EU) | Europe | BEPS

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