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NZ Promotes Role In BEPS Discussions

by Mary Swire, Tax-News.com, Hong Kong

04 February 2014


New Zealand's involvement in international efforts to combat base erosion and profit shifting (BEPS) is "highly valued," according to the country's Revenue Minister.

Todd McClay has confirmed that senior Revenue Department (IRD) officials will take part in Organization for Cooperation and Development (OECD) talks in Paris this week. They will contribute to discussions "on the growth of the digital economy, its impact on tax bases, and possible solutions to combatting the BEPS problem."

In a statement, McClay pointed to the importance of New Zealand's participation in such fora, stressing "the strength and integrity" of its domestic tax laws. The Government will continue to improve its tax rules, to ensure that overseas companies "pay their fair share," but McClay was also clear that individual countries cannot work in "isolation."

"Multilateral cooperation is the key to addressing these cross-border issues. Multinational base erosion and profit shifting requires a pragmatic international response," he concluded.

McClay's comments echo those made by the Prime Minister last week. Opening Parliament, John Key said that his Government will further "fine-tune" its tax regime this year, so that it "remains fit for purpose and is able to deal with new challenges."

TAGS: compliance | tax | tax compliance | tax avoidance | tax incentives | law | Organisation for Economic Co-operation and Development (OECD) | agreements | tax planning | transfer pricing | New Zealand | tax breaks | tax reform | Tax | Tax Evasion

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