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New Zealand Active In OECD BEPS Talks

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

26 June 2014


Senior New Zealand tax officials have been working with the Organization for Economic Co-operation and Development (OECD) in Paris to support its efforts to develop "deliverables" to propose to Group of Twenty (G-20) leaders in September, as part of its action plan to counter base erosion and profit shifting, Revenue Minister Todd McClay said.

A 15-point action plan was proposed by the OECD late last year to counter international tax planning that was said to be eroding nations' tax bases. "Now that we are nearing completion of the first parts of the plan, our officials are at the OECD supporting their delivery," Mr McClay said.

The first seven deliverables from the OECD action plan are scheduled for September this year. McClay said: "Decisions by the OECD can have an impact on the interpretation of tax treaties and can affect the allocation of taxes among countries. Inland Revenue has been participating in the OECD's work to ensure that they apply properly in the New Zealand context."

"Designing, running and maintaining a tax system is a very different business today from what it was just a few decades ago. Advances in electronic communications and changed business practices mean that opportunities for tax avoidance and evasion arise more commonly due to differing tax treatments across jurisdictions," he said. "For that reason, it makes sense for nations to collaborate and share information appropriately."

"By contributing to discussions on the growth of the digital economy, its impact on tax bases and possible solutions to combatting the BEPS problem, New Zealand is playing a very active role in dealing with these global issues," McClay concluded.

TAGS: tax | business | tax avoidance | Organisation for Economic Co-operation and Development (OECD) | transfer pricing | New Zealand

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