First published in The Bottom Line, 9 September 2015
Four-fifths of respondents to the Taxand Global Survey 2015, which consisted of chief financial officers and tax directors from multiple industry sectors around the world, said they believed the BEPS initiative was a laudable goal. But only 55 per cent thought such reform could actually be achieved.
“I think they’re realistic,” said Tim Wach, who emphasised that BEPS, which is sponsored by the Organisation for Economic Co-operation and Development, involves enormous complexity.
“The reality is under BEPS we’ve got 15 action points. Each of those action points is a fairly significant project in and of itself. Scores of different countries are participating. With each of them, it is a political process within their own jurisdictions.
The CFOs are reflecting that ‘yes, in a perfect world, we’d like to see all of this fixed up.’ Eighty per cent would like to see this addressed, but a far smaller number think that at least a significant portion of it can be achieved.