International tax situation experiences great change
First published in China Business News, 27 May 2014
Taxand: The international tax situation is likely to experience great change - all enterprises should be cautious
"The global economic situation is changing", so said Dennis Xu, Taxand China at the Taxand Global Conference 2014. According to Mr. Xu, the West is in the recovery period, but China is still in the 'cash is king' era. The digital economy has triggered many booming businesses while cross-border authorities' co-operation is increasingly strengthened. With this new era, the traditional taxation administration is facing great reform. Initiated by G20 in 2013, OECD launched a report about BEPS, followed by a 40-page action program, which including 15 points on the prevention and combating of base erosion and profit shifting.
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An asymmetry of information exists between multinationals and various national tax authorities at present, but this will be reduced under the proposed BEPS structure. With the support of G20, BEPS is here to stay and its influence will be profound and lasting in international taxation in the future.