How to address BEPS: your global diagnostic tool
First published in the Economic Voice, 9 October 2014
Taxand has launched a new client offering, the Taxand Global BEPS Diagnostic Analysis Tool.
The tool provides multinationals with an efficient and structured means of assessing an organisation’s position with respect to its supply chain, to understand how the OECD’s Base Erosion and Profit Shifting (BEPS) guidelines will impact its business.
The OECD’s BEPS Action Plan is designed to address the issue of international tax planning that has the effect of artificially shifting profits to locations where they are subject to a more favourable tax treatment and notably to recognise the importance of the borderless digital economy. The global initiative, which reaches its first stage of implementation in September 2014, will require close international co-operation, transparency, and data and reporting requirements from all countries and multinationals alike.
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Multinationals need to conduct proper risk assessments to prepare for the impact of the new OECD BEPS guidelines and manage the new reporting requirements while maintaining their profit responsibilities to shareholders. The clock is ticking for multinationals to fully understand how these new regulations will impact their existing structures.