OECD releases BEPS Action Plan — a sweeping international tax effort to combat base erosion and profit shifting

The OECD’s Committee on Fiscal Affairs (CFA) has published its Action Plan to address Base Erosion and Profit Shifting (BEPS). This sweeping international effort aims to combat a comprehensive range of international tax reduction techniques on a scale that is without precedent.

The Action Plan follows from the directive given the CFA by the G20 group of countries to better address global corporate taxation and builds upon the general concepts set forth in the OCED report on BEPS issued in January 2013. The Action Plan asserts: ‘The BEPS project marks a turning point in the history of international co-operation on taxation.’

The Action Plan will require co-ordinating individual OECD member (and non-member) countries to act individually (for example, changes to legislation, regulations, administrative practices), bilaterally (for example, through changes to bilateral treaties) or multilaterally (for example, multilateral treaties or changes to OECD Guidelines). Moreover, the scale of the Action Plan is vast. It has the support of the finance ministers of the G-20 — the world’s largest economies — and it includes the involvement of many emerging economies…

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