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OECD BEPS Project On Track For October

by Ulrika Lomas, Tax-News.com, Brussels

10 September 2015


The OECD has told the Group of Twenty nations (G-20) that it will deliver its final recommendations to tackle base erosion and profit shifting on schedule, in October.

At the G-20's meeting on September 21-22, 2015, OECD Secretary-General Angel Gurría said: "I hope to present in Lima [on October 8] an agreed comprehensive package which will result in significant and practical changes to address the political challenges you identified. In a few weeks, your officials will meet for the final time to conclude negotiations, and as they do so, your clear support for a consensus package of measures to counter BEPS is imperative."

The OECD is to present 13 reports covering all 15 BEPS Action items, along with a BEPS Explanatory Statement, which will provide an overview of the package and its aims and propose steps for its implementation globally.

G-20 leaders are expected to give their final approval to the recommendations on November 15-16, 2015, in Antalya, Turkey.

Before that, on November 5, 2015, the OECD will hold a signing ceremony for nations to join the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports.

During November, states will also meet to discuss the feasibility of adopting a multilateral instrument to update bilateral tax treaties, under Action 15. It is hoped that this process, to update the existing global network of over 3,000 bilateral tax treaties, can be completed by the end of 2016.

The report states that in 2016 and 2017 further work will be carried out to produce:

  • A report on the issues arising from the indirect transfer of assets, to identify policy options to tackle abusive cases, with particular reference to developing countries;
  • A toolkit on the assessment of BEPS risks, focusing on high-risk or significant industry sectors;
  • A toolkit to support the implementation by developing countries of effective transfer pricing documentation requirements;
  • A toolkit aimed at strengthening capacity for effective tax treaty negotiations;
  • A toolkit to support countries seeking to implement rules to address base eroding payments between MNE affiliates, in particular with respect to payments of interest, royalties, management, and service fees; and
  • A toolkit on the development of rules to counter artificial profit shifting through supply chain restructuring.

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