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The OECD’s final recommendations under the base erosion and profit shifting project in October 2015.
KEY POINTS
- International tax planning by multinationals has resulted in significant loss of tax.
- UK tax law is expected to be amended within 12 months.
- More emphasis to be placed on the behaviour of parties.
- Payments for use of intangibles to be reviewed.
- SMEs could be caught by these provisions.
The base erosion and profit shifting (BEPS) project was launched in early 2013 at the request of the G20 group of countries. It followed increasing concerns from the Organisation for Economic Cooperation and Development (OECD) member tax authorities that multinational companies were exploiting disparities between international tax regimes causing significant loss of revenue.
BEPS refers to tax planning strategies that exploit these gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations where there...
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