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APEC Nations Discuss BEPS Implementation

by Mary Swire,, Hong Kong

27 February 2017

Representatives from the Asia-Pacific Economic Cooperation countries discussed the implementation of base erosion and profit shifting (BEPS) recommendations at a seminar on February 22, 2017.

In particular, participants discussed the four BEPS minimum standards put forward by the OECD on BEPS. These are on: harmful tax practices, tax treaty abuse, country-by-country reporting, and dispute resolution mechanisms.

They welcomed the establishment of the OECD's Inclusive Framework on BEPS. 76 percent of APEC members are taking part as a member of this Framework, which commits countries to the minimum standards and peer review. They will work together with G-20 and OECD member states to take forward the BEPS agenda.

Participants discussed the multilateral instrument (MLI), developed by the OECD under Action 15 of the BEPS project, to transpose BEPS recommendations into over 2,000 tax treaties worldwide. According to the OECD, the instrument is intended to implement minimum standards to counter treaty abuse and to improve dispute resolution mechanisms, while providing flexibility to accommodate specific tax treaty policies.

TAGS: compliance | tax | business | tax compliance | tax avoidance | law | Organisation for Economic Co-operation and Development (OECD) | ministry of finance | tax authority | agreements | multinationals | tax planning | transfer pricing | tax reform | standards | trade | Vietnam | Asia-Pacific | BEPS

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