LIVE WEBCAST UPDATE ON BEPS PROJECT 2015 DELIVERABLES AND BEYOND. 8 June :00pm 6:00pm (CET)
|
|
- Rolf Bernard Harrington
- 6 years ago
- Views:
Transcription
1 LIVE WEBCAST UPDATE ON BEPS PROJECT 2015 DELIVERABLES AND BEYOND 8 June :00pm 6:00pm (CET)
2 INTRODUCTION
3 Speakers Pascal Saint-Amans Director, Centre for Tax Policy and Administration Achim Pross Head, International Cooperation and Tax Administration Marlies de Ruiter Head, Tax Treaty, Transfer Pricing and Financial Transactions David Bradbury Head, Tax Policy and Statistics Andrew Hickman Head, Transfer Pricing Unit 3
4 Join the discussion Ask questions and comment throughout the webcast Directly: Enter your question in the space provided Via Via Twitter: Follow us using #BEPS 4
5 STATE OF PLAY AND ROADMAP FOR DELIVERY
6 State of play Work proceeding at BEPS Project pace Since the last webcast: 7 discussion drafts published and 6 public consultations held Special meeting of the CFA in May to discuss progress and approve CbC Implementation Package 6
7 Multilateral Instrument First procedural ad hoc meeting 27 May 2015 First procedural meeting of the ad hoc group 5-6 November 2015 Inaugural meeting, Paris Members of the Group appointed the Chair (Mr. Mike Williams, UK) and three Vice-Chairs (Mr. Liao Tizhong, China; Mr. Mohammed Amine Baina, Morocco; and Mrs. Kim S. Jacinto-Henares, Philippines) International organisations have been invited as observers (UN, IMF, World Bank, CIAT, ATAF, CREDAF, IOTA, SGATAR, CARICOM and ATAIC) So far over 80 countries have joined the ad hoc group 7
8 Next steps towards delivery Meetings of CFA subsidiary bodies to finalise technical work on the action items Adoption at CFA meeting in September Delivery to OECD Council and to G20 Finance Ministers (October) and Leaders (November) 8
9 UPDATE ON THE BEPS WORK STREAMS
10 KEY ELEMENTS OF THE CBC IMPLEMENTATION PACKAGE 10
11 Key elements of the CbC implementation package Implementation package is third element of new transfer pricing reporting provisions that will encourage transparency and contribute to tackling BEPS. September 2014: report on transfer pricing documentation, requiring master file, local file, and country-by-country (CbC) report which sets out the MNE s global allocation of income, taxes, and activity. February 2015: commitment to confidentiality, consistency, and appropriate use, and guidance on: when CbC reporting starts (FY 2016), which taxpayers have to file (750m euros turnover), and how (framework for implementation based on government-to-government exchange--now developed in the implementation package). 11
12 Key elements of the CbC Implementation Package Two elements of the CbC Implementation Package Model domestic legislation Competent Authority Agreements - Based on the Multilateral Convention - Based on Double Tax Conventions - Based on TIEAs 12
13 Key elements of the CbC implementation package Key features of model domestic legislation Filing obligation on resident ultimate parent company Back-up local filing obligation on resident subsidiary, but only when: Ultimate parent company is not obliged to file in its jurisdiction, or There is no competent authority agreement under existing exchange instrument with that jurisdiction, or There is a systemic failure to exchange after agreeing to do so. Where there are multiple subsidiaries in a jurisdiction, the MNE group can designate one to file on behalf of all MNE groups can elect a surrogate parent entity to file on behalf of ultimate parent (providing option to reduce scope of local filing) 13
14 Key elements of the CbC implementation package Competent Authority Agreements Multilateral Competent Authority Agreement, based on Article 6 of the Multilateral Convention Model Competent Authority Agreement on the basis of Article 26 of a Double Tax Convention Model Competent Authority Agreement on the basis of a TIEA 14
15 Key elements of the CbC implementation package Outline of the CbC MCAA: Section 1 Definitions Section 2 Exchange of information with respect to MNE Groups Section 3 Timing and manner of the exchange Section 4 Collaboration on compliance and enforcement Section 5 Confidentiality, data safeguards and appropriate use Section 6 Consultations Section 7 Amendments Section 8 Term of agreement Section 9 Co-ordinating Body Secretariat 15
16 Key elements of the CbC implementation package Example of the timing of the exchange (Section 3 CbC MCAA): /15 12/15 01/16 12/17 06/18 12/18 03/19 Signing of MCAA Activation under Section 8 1 st year to report 1 st Filing deadline for MNEs 1 st Transmission of CbC Report (for 2016) 2 nd Filing deadline for MNEs 2 nd Transmission of CbC Report (for 2017) 6 months for CA review 3 months for CA review 16
17 Key elements of the CbC implementation package Confidentiality and data safeguards rules correspond to those of the CRS MCAA The CbC MCAA contains specific rules on the appropriate use of CbC Reports (Section 5 (2)) 17
18 Key elements of the CbC implementation package The CbC MCAA foresees consultations between Competent Authorities on: Undesirable economic outcomes (Section 6 (1)) Interpretation and implementation of the CbC MCAA (Section 6 (2)) Systemic failure of the exchange of CbC Reports (Section 6(2)) Significant non-compliance with the CbC MCAA (Section 8 (5)) 18
19 ESTABLISHING METHODOLOGIES TO COLLECT AND ANALYSE DATA 19
20 Establishing methodologies to collect and analyse data There are four elements to Action 11: Identify and assess a range of existing data sources Recommend indicators of the scale and economic impact of BEPS Undertake an economic analysis of: scale (fiscal effects) and economic impact of BEPS; and effectiveness of BEPS countermeasures Make recommendations regarding new data and tools to monitor and evaluate BEPS and countermeasures on an ongoing basis 20
21 Establishing methodologies to collect and analyse data The public consultation process has included: Request for input August 2014 Discussion draft released - 16 April 2015, with chapters covering: Assessment of currently available data Proposed seven potential indicators of BEPS Preliminary economic analysis of scale and economic impact of BEPS and countermeasures, detailing over 100 empirical studies finding the existence of BEPS Public consultation held 18 May
22 Establishing methodologies to collect and analyse data Feedback received from the public consultations included: Consensus regarding the conclusions that currently available data sources are insufficient Concerns that indicators can be influenced by non-beps factors, but strong support for the qualifications and caveats in the paper Some support for the general approach presented for the economic analysis i.e. multiple approaches to estimating the fiscal effects Many calls for new data to be made available, but concerns expressed about confidentiality and compliance costs 22
23 Establishing methodologies to collect and analyse data The Final Action 11 report will include four chapters on: Data assessment Indicators Economic analysis of the fiscal and economic effects of BEPS and BEPS countermeasures Future tools and data for monitoring BEPS on an ongoing basis 23
24 UPDATE ON TRANSFER PRICING WORK STREAMS 24
25 Hard to ValueIntangibles (HTVI) Discussion draft issued 4 th June for comments by 18 th June, and public consultation 6-7 th July HTVI present some of the hardest transfer pricing challenges due to information asymmetry and therefore scope for mispricing Third parties use different pricing strategies to address uncertainties when setting prices, including pricing arrangements linked to the actual results 25
26 Approach to HTVI in DD Definition: No comparables Lack of reliable projections of future cash flows Assumptions used in valuation highly uncertain Consequence: If actual results deviate from expected results the tax administration can require adjustments based on actual results, unless: Deviation is not material Taxpayers can show that the difference results from events and developments that were not foreseeable at the time of concluding the transaction The comprehensive ex ante projections by the taxpayer are considered by the tax administration and found reliable 26
27 Discussion draft DD seeks comments in particular on additional exemptions and implementation guidance. 27
28 Cost Contribution Arrangements ( CCAs ) Comments (341 pages) on DD published 1 st June. Public consultation 6-7 th July. DD proposes more rigorous rules for CCAs, including requiring participants to have certain capability and for contributions to be measured at value. The proposals seek to align outcomes under CCAs with those under the revisions to Chapter VI on intangibles and Chapter I on risk, and to prevent the scope for CCAs to be used inappropriately to transfer intangibles at undervalue. 28
29 Update on Transfer Pricing work streams Commentators generally agree that pre-existing contributions to a CCA should be at value, but argue that current contributions (e.g. performance of R&D activities) should continue to be made at cost. Some commentators suggest that targeted rules could prevent the abuse of CCAs while preserving the commercial effectiveness of cost-based CCAs. Strong interest in grandfathering provisions if proposed changes are made, given the long-term nature of some CCAs. 29
30 FORUM ON HARMFUL TAX PRACTICES 30
31 FHTP status of discussion Substantial activity Three open issues i) tracking and tracing ii) definition of IP assets iii) safeguards. Very good progress on tracking and tracing with further guidance to be included in the 2015 Report. Also progress on definition of income and safeguards. Transparency General agreement that compulsory spontaneous exchange should include all rulings that could give rise to BEPS concerns in the absence of exchange. Limited to a number of defined categories and only exchanged with certain affected jurisdictions. Closely coordinated with work in EU Differentiates between existing and future rulings Exchanged via a standard template 31
32 DISPUTE RESOLUTION 32
33 Making Dispute Resolution Mechanisms Effective Minimum standard with respect to the resolution of treaty-related disputes so that: Treaty obligations related to MAP are fully implemented in good faith and cases are resolved in a timely manner Administrative processes for prevention and timely resolution of treaty-related disputes are implemented; and Ensure that taxpayers can access MAP when eligible. Arbitration for willing countries Will be included in the multilateral instrument See also G7 chair's summary: Establishing better and more effective dispute resolution mechanisms between tax administrations to ensure that the risk of double taxation does not act as barrier to trade and investment, enhancing the collaboration of our tax administrations and conducting joint tax audits. 33
34 CFC RULES 34
35 CFC rules Action 3 CFCs Develop recommendations regarding the design of controlled foreign company rules. This work will be coordinated with other work as necessary. 35
36 CFC rules: 2015 Report Building blocks for effective CFC rules Definition of a CFC, including control Low-tax exemption and threshold requirements Definition of income Rules for computing income Rules for attributing income Rules to prevent or eliminate double taxation 36
37 CFC rules: policy considerations General agreement that different CFC rules prioritise different policy objectives CFC rules are part of a jurisdiction s overall tax system, so the policy objectives of the tax system affect the policy objectives of CFC rules CFC rules that are part of worldwide systems may focus more on long-term deferral and foreign-to-foreign stripping CFC rules that are part of territorial systems may focus more on shifting out of the parent jurisdiction 37
38 CFC rules: indicia/factors Different CFC rules also look at different factors Most jurisdictions have the same overall concern: income has been shifted into the CFC and separated from underlying value creation But different jurisdictions look at different indicia/factors: legal classification, relatedness of parties, source of income, substance Recommendations must be flexible and not overly prescriptive 38
39 CFC rules: definition of income Discussion and public comments have focused on definition of income Non-exhaustive list of approaches and combinations of approaches: Categorical analyses divide income based on legal classification, relatedness of parties, and source of the income Substance analyses look at various proxies, including people, premises, assets and risk Excess profits analysis treats income above a normal return as CFC income 39
40 INTEREST DEDUCTIBILITY 40
41 Interest deductibility The problem no or low taxation associated with practices that artificially segregate taxable income from the activities that generate it BEPS Action Plan, chapter 3 location of third party interest in high tax countries quantity of related party interest, in excess of group s actual interest cost use of interest expense to fund tax exempt income 41
42 Interest deductibility Action Item 4 Develop recommendations regarding best practices in the design of rules to prevent base erosion through the use of interest expense for example, through the use of related party and third party debt to achieve excessive interest deductions or to finance the production of exempt or deferred income and other financial payments that are economically equivalent to interest
43 Interest deductibility Public Consultation Group-wide rule Fixed ratio rule Combination of these two rules Targeted rules 43
44 Interest deductibility Developing a best practice status of discussion Fixed ratio rule Group ratio rule Optional de minimis monetary threshold to remove low risk entities Optional carry forward of disallowed interest/unused capacity Targeted rules to support general rules and address specific risks 44
45 Interest deductibility Developing a best practice status of discussion Fixed ratio rule EBITDA x Benchmark fixed ratio Objective measure Based on taxable income Supported in public consultation No single ratio, but a range Principles to help countries setting a ratio 45
46 Interest deductibility Developing a best practice status of discussion Group ratio rule Optional de minimis monetary threshold to remove low risk entities Optional carry forward of disallowed interest/unused capacity Targeted rules to support general rules and address specific risks 46
47 Interest deductibility Developing a best practice status of discussion Group ratio rule Optional de minimis monetary threshold to remove low risk entities Optional carry forward of disallowed interest/unused capacity Targeted rules to support general rules and address specific risks 47
48 Interest deductibility Developing a best practice status of discussion Group ratio rule Optional de minimis monetary threshold to remove low risk entities Optional carry forward of disallowed interest/unused capacity Targeted rules to support general rules and address specific risks 48
49 Interest deductibility Developing a best practice status of discussion Group ratio rule Optional de minimis monetary threshold to remove low risk entities Optional carry forward of disallowed interest/unused capacity Targeted rules to support general rules and address specific risks 49
50 TREATY ABUSE 50
51 Action 6: Follow-up work September 2014 Report on Action 6 ( Prevent the granting of treaty benefits in inappropriate circumstances ) mandated follow-up work in the following three areas: 1. The implementation of the minimum standard included in the Report. 2. The precise contents of the model provisions and related Commentary included in Section A of the Report, in particular the LOB rule. 3. The policy considerations relevant to the treaty entitlement of collective investment vehicles (CIVs) and non-civ funds. 51
52 1. Implementation of the minimum standard Various implementation issues discussed by the Committee on Fiscal Affairs at its May meeting, including: How will minimum standard affect treaty negotiations How will the minimum standard be reflected in the OECD Model (including reservations, observations, positions) How will the minimum standard apply to existing treaties Should there be monitoring of compliance with the minimum standard 52
53 2. Model provisions included in the Report on Action 6 Discussion draft released on 21 November 2014 invited comments on a number of technical issues related to the model provisions included in the Report on Action 6 These issues were further discussed on the basis of the comments received and a revised discussion draft was released on 22 May 53
54 Revised discussion draft The draft includes: A proposal for the addition of an alternative simplified limitation-on-benefits (LOB) rule which is intended to be used in combination with the principal purposes test (PPT) rule A proposal as to how the LOB rule would be presented in the OECD Model Tax Convention (the main features of the LOB rule will be presented in the Articles of the Model and the alternative formulations of each paragraph of the LOB rule will be included in the Commentary) Two proposals for new treaty provisions dealing with special tax regimes and with changes made to domestic law following the conclusion of a treaty A number of proposals dealing with more technical issues related to the model provisions / Commentary included in the Report on Action 6 that were identified in Issues 3 to 20 of the November 2014 discussion draft. 54
55 3. Treaty entitlement of CIV and non-civ funds As indicated in the revised Discussion draft: No need for additional changes to address issues related to CIVs but the implementation of TRACE is important The Report on Action 6 should recognise the conclusions of the 2008 REIT (Real Estate Investment Trusts) Report WP1 will examine a proposal according to which a pension fund would be considered to be a resident of the State in which it is constituted WP1 will continue to explore solutions to the broader question of the treaty entitlement of non-civ funds. That work might continue after the September 2015 adoption of the final Report on Action 6 55
56 ARTIFICIAL AVOIDANCE OF PE 56
57 First discussion draft on Action 7 released on 31 October options concerning commissionnaire arrangements and similar strategies, artificial avoidance of Art. 5(4) of the OECD Model, splitting-up of contracts for the purposes of benefiting from Art. 5(3), insurance companies that sell insurance in a local market without having a PE in that market 850 pages of comments; public consultation meeting on 21 January 2015 The options were reviewed in the light of these comments and narrowed down to a few detailed proposals included in a new discussion draft released on 15 May 57
58 Second discussion draft of 15 May Commissionnaire arrangements and similar strategies: Art. 5(5) and 5(6) of the OECD Model should be modified to apply where a person concludes contracts, or negotiates the material elements of contracts ; by referring to contracts in the name of the enterprise, for the transfer of property of the enterprise or for the provision of services by the enterprise ; and by modifying the independent agent exception in Art. 5(6). These changes to Art. 5(5) and 5(6) correspond to the option that a majority of business commentators considered to be the least objectionable. 58
59 Art. 5(4) (specific activity exemptions) Art. 5(4) of the OECD Model should be modified so that each of the exceptions included in that paragraph would be restricted to activities that are otherwise of a preparatory or auxiliary character A new paragraph be added to the definition of PE in Article 5 of the OECD Model to prevent the application of Art. 5(4) where activities have been fragmented (by one enterprise or connected enterprises) 59
60 Other proposals Splitting-up of contracts: Should be addressed through the Principal Purposes Test rule drafted as part of the work on Action 6 (Treaty Abuse): the Commentary on that rule should include an example of splitting-up of contracts. Commentary on Article 5 should also include an alternative provision to be used by States that wish to deal expressly with that issue and States that do not include the PPT in their treaties Insurance: No specific provision dealing with insurance activities should be included in Article 5 ; insurance should be subject to the general rules Profit attribution to PEs: Further work involving both WP1 and WP6 delegates should be carried on in this area. 60
61 Detailed Commentary The second discussion draft includes detailed Commentary which clarifies various new concepts introduced by the proposed changes to Article 5 (e.g. meaning of negotiates the material elements of contracts and of preparatory or auxiliary ). 61
62 POST-BEPS AGENDA
63 Post-BEPS Agenda Implementation and Monitoring: Achieve the objectives of the work Monitor implementation to level the playing field Ensure principled implementation: focus on administerability of the standards/limiting cost of compliance Inclusiveness: G20 countries on an equal footing Extending the approach to developing countries Global Forum type of approach 63
64 Leadersʼ Declaration G7 Summit 7-8 June 2015 We are committed to achieving a fair and modern international tax system which is essential to fairness and prosperity for all. We therefore reaffirm our commitment to finalize concrete and feasible recommendations for the G20/OECD Base Erosion and Profit Shifting (BEPS) Action Plan by the end of this year. Going forward, it will be crucial to ensure its effective implementation, and we encourage the G20 and the OECD to establish a targeted monitoring process to that end. We commit to strongly promoting automatic exchange of information on cross-border tax rulings. We reiterate our commitment to work with developing countries on the international tax agenda and will continue to assist them in building their tax administration capacities. Moreover, we will strive to improve existing international information networks and cross-border cooperation on tax matters, including through a commitment to establish binding mandatory arbitration in order to ensure that the risk of double taxation does not act as a barrier to cross-border trade and investment. We support work done on binding arbitration as part of the BEPS project and we encourage others to join us in this important endeavour. 64
65 IMMEDIATE NEXT STEPS
66 Comments on Discussion Drafts on Actions 6 and 7 Action 6: deadline for comments on the discussion draft is 17 June (this is the third discussion draft on Action 6) Action 7: deadline for comments on the discussion draft is 12 June (this is the second discussion draft on Action 7) The comments will be reviewed at the WP1 meeting of June 66
67 Comments and Public Consultation on Transfer Pricing issues Comments DD on CCAs published on June 1 st. Deadline for comments on DD on HTVI on June18 th. Chapter I on delineation of the actual transaction, risks and non-recognition: presentation of the directions taken following the March 2015 Public Consultation at the next Public Consultation in July. Chapter VI: Changes to align with Chapter I are being made. No substantial changes to the approach. Presentation of relevant changes to the guidance at next Public Consultation in July. WP6 meetings from June 29 th until July 10 th. Public Consultation on July 6 th and 7 th. 67
68 JOIN THE DISCUSSION
69 Join the discussion Ask questions and comment Directly: Enter your question in the space provided Via Via Twitter: Follow us using #BEPS 69
70 Keep in touch Website: Contact: Tax alerts: Via Twitter: Follow us
V. Interest Deductibility and CFC Rules
V. Interest Deductibility and CFC Rules Panelists Achim Pross, Head of International Cooperation and Tax Administration Division, OECD Doug Poms, Acting Deputy International Tax Counsel, U.S. Treasury
More informationLIVE WEBCAST UPDATE ON BEPS PROJECT. 26 May :00pm 2:00pm (CEST)
LIVE WEBCAST UPDATE ON BEPS PROJECT 26 May 2014 1:00pm 2:00pm (CEST) Speakers Pascal Saint-Amans Director, Centre for Tax Policy and Administration Raffaele Russo Head of BEPS Project Marlies de Ruiter
More informationOECD releases final BEPS package
6 October 2015 Tax Flash OECD releases final BEPS package On 5 October 2015, the OECD published the final reports of the OECD/G20 Base Erosion and Profit Shifting ( BEPS ) project, which consist of a package
More informationOverview of OECD Action Plan on Base Erosion and Profit Shifting (BEPS)
Overview of OECD Action Plan on Base Erosion and Profit Shifting (BEPS) Monia Naoum, IBFD Research Associate Emily Muyaa, IBFD Research Associate 18 June 2015 1 Introduction: Globalization and its impact
More informationFrequently Asked Questions
OECD/G20 Base Erosion and Profit Shifting Project 2015 Final Reports www.oecd.org/tax/beps.htm ctp.beps@oecd.org Follow us @OECDtax ninog / Fotolia Frequently Asked Questions Table of contents A. BEPS
More informationPresentation by Shigeto HIKI
Presentation by Shigeto HIKI Co-chair of Forum on Harmful Tax Practices Director International Tax Policy Division, Tax Bureau Ministry of Finance, Japan The Fifth IMF-Japan High-Level Tax Conference For
More informationGlobal FS view on BEPS latest developments for asset managers. Event Date: Thursday 22 October Event Time: 9am EDT/3pm CET
Global FS view on BEPS latest developments for asset managers Event Date: Thursday 22 October Event Time: 9am EDT/3pm CET Notice The following information is not intended to be written advice concerning
More informationBEPS ACTION 15. Development of a Multilateral Instrument to Implement the Tax Treaty related BEPS Measures
BEPS ACTION 15 Development of a Multilateral Instrument to Implement the Tax Treaty related BEPS Measures REQUEST FOR INPUT ON THE DEVELOPMENT OF A MULTILATERAL INSTRUMENT TO IMPLEMENT THE TAX TREATY-RELATED
More informationTopics in International Taxation: Partner country perspectives
Topics in International Taxation: Partner country perspectives Prof. Jan J. P. de Goede ITC/ATI Tax and Development Conference, Berlin, 15 June 2017 IBFD Academic and International Tax Training - www.ibfd.org
More informationBase erosion & profit shifting (BEPS) 25 May 2016
Base erosion & profit shifting (BEPS) 25 May 2016 Introduction Important to distinguish between: Tax avoidance Using legal provisions to minimise tax liability Covers interventions that are referred to
More informationSpecial report on BEPS. Final OECD recommendations on the Base Erosion and Profit Shifting (BEPS) Action Plan and what they mean for you
Special report on BEPS Final OECD recommendations on the Base Erosion and Profit Shifting (BEPS) Action Plan and what they mean for you October / November 2015 b Special report Introduction On 5 October
More informationCA T. P. OSTWAL. T. P. Ostwal & Associates LLP
CA T. P. OSTWAL BEPS strategies may not necessarily be illegal Increased globalisation enables companies to exploit gaps arising on interaction of domestic tax systems and treaty rules within the boundary
More informationThe OECD s 3 Major Tax Initiatives
The OECD s 3 Major Tax Initiatives 1. The Global Forum on Transparency and Exchange of Information for Tax Purposes Peer review of ~ 100 countries International standard for transparency and exchange of
More informationEngaging title in Green Descriptive element in Blue 2 lines if needed
BEPS Impact on TMT Sector January 2016 Engaging title in Green Descriptive element in Blue 2 lines if needed Second line optional lorem ipsum B Subhead lorem ipsum, date quatueriure Let s be crystal clear:
More informationCPA Esther Wahome. Thursday, 16 August 2018
Current trends in international tax planning (focus on BEPS). Presentation by: CPA Esther Wahome Senior Manager Taxation Services Deloitte & Touche Thursday, 16 August 2018 Uphold public interest Contents
More informationTHE FUTURE OF TAX PLANNING: TRANSPARENCY AND SUBSTANCE FOR ALL? Friday, 26 February AM PM Conrad Hotel, Hong Kong
THE FUTURE OF TAX PLANNING: TRANSPARENCY AND SUBSTANCE FOR ALL? Friday, 26 February 2016 9.00AM - 12.00PM Conrad Hotel, Hong Kong THE DRIVE TOWARDS TRANSPARENCY: CHALLENGES AND OPPORTUNITIES IN INTERNATIONAL
More informationSIFM. Annual Conference September 19, Overview of Final BEPS Report / Update on Country by Country Reporting Requirements
SIFM Annual Conference September 19, 2016 Overview of Final BEPS Report / Update on Country by Country Reporting Requirements Presenters: John Forni, Managing Director Allen Brandsdofer, Transfer Pricing
More informationBEPS - Current Status of Implementation in EU Countries. Prof. Guglielmo Maisto 1 March 2019
BEPS - Current Status of Implementation in EU Countries Prof. Guglielmo Maisto 1 March 2019 1 Pillar I COHERENCE Action 2 Neutralizing Hybrid Mismatch Arrangements Action 3 CFC Rules Action 4 Interest
More informationBase Erosion and Profit Shifting Project and Developing Economies
2015/FMP/WKSP1/021 Session: 6 Base Erosion and Profit Shifting Project and Developing Economies Submitted by: OECD Workshop on Fiscal Management Through Transparency and Reforms Bagac, Philippines 9-10
More informationG8/G20 TAXATION ISSUES : Tax Training Day, ODI, London 16 September 2013
G8/G20 TAXATION ISSUES : Tax Training Day, ODI, London 16 September 2013 BASE EROSION AND PROFIT SHIFTING 2 OECD Work on Taxation Focus has historically been on the development of common standards to eliminate
More informationOECD s Base Erosion and Profit Shifting (BEPS) Action Plan
OECD s Base Erosion and Profit Shifting (BEPS) Action Plan Joanne Theodorides Senior Manager Tax Advisory Services, PWC Email: joanne.theodorides@cy.pwc.com OECD s BEPS Action Plan The G20 finance minsters
More informationWelcome to the EFS-seminar. BEPS and transfer pricing, but what about VAT and Customs? Conference Chairman: René van der Paardt
Welcome to the EFS-seminar BEPS and transfer pricing, but what about VAT and Customs? Conference Chairman: René van der Paardt Rotterdam February 3, 2016 Agenda Seminar An update on the transfer pricing
More informationComments on Revised Discussion Draft on BEPS Action 6: Prevent Treaty Abuse
17 June 2015 Marlies de Ruiter Head Tax Treaties, Transfer Pricing and Financial Transactions Division Centre for Tax Policy and Administration Organisation for Economic Cooperation and Development 2,
More informationBASE EROSION PROFIT SHARING INITIATIVE THE IMPLICATIONS FOR THE BAHAMAS
BASE EROSION PROFIT SHARING INITIATIVE THE IMPLICATIONS FOR THE BAHAMAS By Ryan Pinder Partner, Graham Thompson International Business & Finance Summit (IBFS) March 2, 2018 Baha Mar Convention Centre Nassau,
More informationSeminar E IFA/OECD. The Multilateral Instrument IFA & OECD 2017
Seminar E IFA/OECD The Multilateral Instrument IFA & OECD 2017 Panel members Pascal Saint-Amans, Director, OECD, Centre for Tax Policy and Administration Maikel Evers, Advisor, OECD, Tax Treaties, Transfer
More informationChanging the OECD Model Tax Convention
Organisation for Economic Co-operation and Development Changing the OECD Model Tax Convention Mary Bennett Head of Tax Treaty & Transfer Pricing Division OECD Centre for Tax Policy & Administration Mary
More informationBEPS Action Plan. September 2014
BEPS Action Plan September 2014 Contents 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Address the tax challenges of the digital economy Neutralise the effects of hybrid mismatch arrangements Strengthen CFC rules
More informationACTL Conference on REITs
ACTL Conference on REITs Recent tax treaty developments and their implications for REITs November 14, 2014 Prof. Arnaud de Graaf degraaf@law.eur.nl 0.0- Introduction 1. REITs in cross-border context 2.
More informationTransfer Pricing Alert
Transfer Pricing Alert EY Han Young newsletter December 2016 Transfer Pricing Current issue. Hong Kong, Dutch Hong Kong Hong Kong publishes consultation paper on measures to counter BEPS Executive summary
More informationBase Erosion and Profit Sharing Action Plan 11, 12, 14 & 15. Mr. S.P. Singh, Ex-IRS 7th November, 2015
Base Erosion and Profit Sharing Action Plan 11, 12, 14 & 15 Mr. S.P. Singh, Ex-IRS 7th November, 2015 Contents Action 11 - Establishing Methodologies to Collect and Analyze Data on BEPS Action 12 Requiring
More informationVI. Permanent Establishments and Profit Attribution to Permanent Establishments
VI. Permanent Establishments and Profit Attribution to Permanent Establishments 2 Panelists Rob Heferen, Deputy Secretary, Revenue Group, The Treasury of Australia Henry Louie, Deputy to the International
More informationOECD publishes BEPS peer review documents for exchanges of tax rulings and country-by-country reports
OECD publishes BEPS peer review documents for exchanges of tax rulings and country-by-country reports 7 February 2017 In brief On 1 February 2017, the Organisation for Economic Cooperation and Development
More informationHot topics Treasury seminar
Hot topics Treasury seminar Treasury in a transparent and new tax world Discover and unlock your potential Program Introduction on BEPS Potential implications for treasury o Interest deduction o Treaty
More informationOECD issues Action Plan on Base Erosion and Profit Shifting (BEPS)
22 July 2013 OECD issues Action Plan on Base Erosion and Profit Shifting (BEPS) Executive summary On 19 July 2013, the Organisation for Economic Cooperation and Development (OECD) issued its much-anticipated
More informationOECD Update. OECD Tax Agenda Overview
Organisation for Economic Co-operation and Development OECD Update National Foreign Trade Council 2008 Tax Committee Fall Meeting Wintergreen, Virginia October 9, 2008 Mary Bennett Head of Tax Treaty,
More informationThe UAE has joined the Inclusive Framework on BEPS
The UAE has joined the Inclusive Framework on BEPS May 2018 In brief The United Arab Emirates ( UAE ) joined the OECD Inclusive Framework on Base Erosion and Profit Shifting ( BEPS ) on 16 May 2018, bringing
More informationGuidance for Tax Administrations on the Application of the Approach to Hard-to-Value Intangibles INCLUSIVE FRAMEWORK ON BEPS: ACTION 8
Guidance for Tax Administrations on the Application of the Approach to Hard-to-Value Intangibles INCLUSIVE FRAMEWORK ON BEPS: ACTION 8 June 2018 GUIDANCE FOR TAX ADMINISTRATIONS ON THE APPLICATION OF THE
More informationBEPS: What does it mean for funds and asset managers?
BEPS: What does it mean for funds and asset managers? Client Seminar Martin Shah René van Eldonk Malcolm Richardson, M&G 10 March 2015 Overview Background to and progress to date of BEPS Action Plan More
More informationBEPS Action 14: Make Dispute Resolution Mechanisms More Effective
BEPS Action 14: Make Dispute Resolution Mechanisms More Effective The Organization for Economic Cooperation and Development on December 18, 2014, released a public discussion draft pursuant to Action 14,
More informationOECD meets with business on base erosion and profit shifting action plan
4 October 2013 OECD meets with business on base erosion and profit shifting action plan Executive summary On 1 October 2013, the Organisation for Economic Cooperation and Development (OECD) held a meeting
More informationPreventing the Granting of Treaty Benefits in Inappropriate Circumstances
OECD/G20 Base Erosion and Profit Shifting Project Preventing the Granting of Treaty Benefits in Inappropriate Circumstances ACTION 6: 2014 Deliverable OECD/G20 Base Erosion and Profit Shifting Project
More informationOECD releases final report under BEPS Action 6 on preventing treaty abuse
20 October 2015 Global Tax Alert EY OECD BEPS project Stay up-to-date on OECD s project on Base Erosion and Profit Shifting with EY s online site containing a comprehensive collection of resources, including
More informationOECD/G20 Base Erosion and Profit Shifting Project
OECD/G20 Base Erosion and Profit Shifting Project Action 13: Guidance on Transfer Pricing Documentation and Country-by-Country Reporting Country-by-Country Report Instructions Manual 24 June 2015 Page
More informationKorean Tax Update BEPS Implementation
Presentation for KGCCI Korean Tax Update BEPS Implementation May 2018 CONTENTS I. BEPS: Backgrounds What is BEPS? Backgrounds for OECD BEPS Project BEPS Action plans II. BEPS Implementation in Korea I.
More informationOECD releases final report on CFC rules under BEPS Action 3
11 October 2015 Global Tax Alert EY OECD BEPS project Stay up-to-date on OECD s project on Base Erosion and Profit Shifting with EY s online site containing a comprehensive collection of resources, including
More informationFlash News. PwC Luxembourg BEPS Series- What it means for the Luxembourg Asset Management industry
www.pwc.lu/tax Flash News PwC Luxembourg BEPS Series- What it means for the Luxembourg Asset Management industry On Monday 5 October 2015, the Organisation for Economic Cooperation and Development (OECD)
More informationBEPS Action 14: Making dispute resolution mechanisms more effective
BEPS Action 14: Making dispute resolution mechanisms more effective The Panel Achim Pross, Head, International Cooperation and Tax Administration Division, OECD Doug O Donnell, LB&I Commissioner, IRS Martin
More informationLuxembourg transfer pricing legislation at a glance
2017 EY TAX Alert Luxembourg Luxembourg transfer pricing legislation at a glance Executive summary The law of 23 December 2016 on the budget for the year 2017 ( Budget Law ) has introduced a new article
More informationTax & Legal Weekly Alert
Tax & Legal Weekly Alert 27 Jun 1 Jul 2016 In this issue: OECD Council on May 23 rd had formally approved the amendments to the Transfer Pricing Guidelines set out in the 2015 BEPS report In the press
More informationOECD releases final report on preventing the artificial avoidance of permanent establishment status under Action 7
19 October 2015 Global Tax Alert EY OECD BEPS project Stay up-to-date on OECD s project on Base Erosion and Profit Shifting with EY s online site containing a comprehensive collection of resources, including
More informationIFA Colombia V CONGRESO COLOMBIANO DE TRIBUTACIÓN INTERNACIONAL November 2016
IFA Colombia V CONGRESO COLOMBIANO DE TRIBUTACIÓN INTERNACIONAL 16-17 November 2016 Kees van Raad Professor of Law, University of Leiden Chairman International Tax Center Leiden Of counsel, Loyens & Loeff
More informationNeutralising the Effects of Hybrid Mismatch
OECD/G20 Base Erosion and Profit Shifting Project Neutralising the Effects of Hybrid Mismatch Arrangements ACTION 2: 2015 Final Report OECD/G20 Base Erosion and Profit Shifting Project Neutralising the
More informationAdditional Guidance on the Attribution of Profits to Permanent Establishments BEPS ACTION 7
Additional Guidance on the Attribution of Profits to Permanent Establishments BEPS ACTION 7 March 2018 OECD/G20 Base Erosion and Profit Shifting Project Additional Guidance on the Attribution of Profits
More informationPhoto credits: Cover MIND AND I Shutterstock.com OECD 2017
This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any
More informationA Guide To Changes In Irish Tax Rules
A Guide To Changes In Irish Tax Rules - The Global Tax Reform Agenda 6 September 2016 THE FACTS YOU NEED TO KNOW ON IRISH TAX CHANGES 1 INTERNATIONAL TAX RULES HAVE BEEN CHANGING - IRELAND HAS BEEN PARTICIPATING
More informationBEPS Impact on Manufacturing
BEPS Impact on Manufacturing Base Erosion and Profit Shifting India has emerged as the seventh largest economy. Favorable demographics, a burgeoning domestic market and an annual growth rate in excess
More informationEuropean Commission publishes Anti Tax Avoidance Package
28 January 2016 - Number 65 Brazil Desk e-mail bulletin European Commission publishes Anti Tax Avoidance Package On 28 January 2016 the European Commission published an Anti Tax Avoidance Package containing
More informationBASE EROSION AND PROFIT SHIFTING ISSUES : THAILAND
BASE EROSION AND PROFIT SHIFTING ISSUES : THAILAND ECOSOC Special Meeting on International Cooperation in Tax Matters 5 June 2014 Phensuk Sangasubana The Revenue Department, Thailand CONTENTS Background
More informationAustralia s adoption of the BEPS Convention (Multilateral Instrument) Consultation Paper December 2016
Australia s adoption of the BEPS Convention (Multilateral Instrument) Consultation Paper December 2016 Commonwealth of Australia 2016 ISBN 978-1-925504-24-8 This publication is available for your use under
More informationExamining the impact of BEPS on the life sciences sector. Overview of select BEPS final reports and timing of implementation
Examining the impact of BEPS on the life sciences sector Overview of select BEPS final reports and timing of implementation Contents Overview of BEPS 1 Impact of BEPS final reports on the life sciences
More informationLuxembourg Tax Alert OECD BEPS Multilateral Convention: Luxembourg s choices published
Luxembourg Tax Alert OECD BEPS Multilateral Convention: Luxembourg s choices published 9 June 2017 The OECD BEPS package contains tax-treaty related measures addressing gaps and mismatches in the application
More informationתמונת מצב עדכנית ומבט ישראלי - BEPS
תמונת מצב עדכנית ומבט ישראלי - BEPS משה בינה, מנהל בכיר, מחלקת מיסוי בינלאומי, Deloitte Agenda BEPS Background Treaty Related Action Plans Harmful Tax Practices Transfer Pricing Others Next Steps 2017
More informationBilateral Advance Pricing Agreement Guidelines
September 2016 Bilateral Advance Pricing Agreement Guidelines Page 1 Contents PART 1 INTRODUCTION...5 PART 2 BILATERAL APA PROGRAMME OVERVIEW...5 PART 3 PURPOSE AND SCOPE OF APA...7 What is an APA?...7
More informationInsurance Tax Insight The Global Tax Reset: BEPS & Insurance
Insurance Tax Insight The Global Tax Reset: BEPS & Insurance On 5 October 2015, the OECD published 13 papers outlining consensus actions under the base erosion and profit shifting (BEPS) project. The output
More informationHong Kong s OECD BEPS Associate status requires implementation of BEPS minimum standards
28 June 2016 International Tax and TP Alert Hong Kong s OECD BEPS Associate status requires implementation of BEPS minimum standards Executive summary On 20 June 2016, Hong Kong announced that it will
More informationRevised Guidance on the Application of the Transactional Profit Split Method INCLUSIVE FRAMEWORK ON BEPS: ACTIONS 10
Revised Guidance on the Application of the Transactional Profit Split Method INCLUSIVE FRAMEWORK ON BEPS: ACTIONS 10 June 2018 OECD/G20 Base Erosion and Profit Shifting Project Revised Guidance on the
More informationIBFD Course Programme BEPS Country Implementation
IBFD Course Programme BEPS Country Implementation Summary On 5 October 2015, the OECD published the final reports of its 15-point base erosion and profit shifting (BEPS) project. A bit more than a year
More informationApril 30, Re: USCIB Comment Letter on the OECD discussion draft on BEPS Action 3: Strengthening CFC Rules. Dear Mr. Pross, General Comments
April 30, 2015 VIA EMAIL Mr. Achim Pross Head, International Cooperation and Tax Administration Division Center for Tax Policy and Administration (CTPA) Organisation for Economic Cooperation and Development
More informationAnalysing BEPS Impact Infrastructure sector
Analysing BEPS Impact Infrastructure sector January 2016 Second line optional lorem ipsum B Subhead lorem ipsum, date quatueriure In October 2015, the Organization for Economic Co-operation and Development
More informationStatement for the Record
Statement for the Record of Dorothy Coleman Vice President, Tax & Domestic Economic Policy National Association of Manufacturers For the Hearing of the Senate Finance Committee on International Tax: OECD
More informationJUBILEE CONFERENCE
FOUNDATION OF INTERNATIONAL TAXATION DECEMBER 3 5, 2015 ITC MARATHA HOTEL MUMBAI R. RAMLOLL DEPUTY SOLICITOR-GENERAL CHAIRMAN IFA MAURITIUS - Transparency and Exchange of Information will they suffice
More informationCountry-by-Country Reporting: Data Access & Usage. TDM Part
Tax and Duty Manual Part 38-03-20 Country-by-Country Reporting: Data Access & Usage TDM Part 38-03-20 This document should be read in conjunction with section 891H of the Taxes Consolidation Act 1997 Document
More informationTransfer Pricing Update
Transfer Pricing Update Ray Brown, Principal Economist, DLA Piper - Los Angeles Mike Patton, Partner, DLA Piper - Los Angeles Eric Ryan, Partner, DLA Piper - Silicon Valley *This presentation is offered
More informationBEPS Action 7 Additional Guidance on Attribution of Profits to Permanent Establishments
Base Erosion and Profit Shifting (BEPS) Public Discussion Draft BEPS Action 7 Additional Guidance on Attribution of Profits to Permanent Establishments 22 June-15 September 2017 DISCUSSION DRAFT ON ADDITIONAL
More informationRecent BEPS related legislation/guidance impacting Luxembourg
Recent BEPS related legislation/guidance impacting Luxembourg Recently a set of BEPS related draft legislation/guidance has been published: (i) on 21 June 2016, the Council of the European Union ( EU )
More informationHONG KONG. 1. Introduction. Contact Information Henry Fung Candice Ng
HONG KONG Contact Information Henry Fung +852 2969 4054 hernyfung@pkf-hk.com Candice Ng +852 2969 4016 candiceng@pkf-hk.com 1. Introduction 1.1. Legal context Currently, the Hong Kong Inland Revenue Ordinance
More informationDeloitte TaxMax The 43 rd series One bold step in the right direction. Theresa Goh & Subhabrata Dasgupta l 22 November 2017 By Deloitte Tax Academy
Deloitte TaxMax The 43 rd series One bold step in the right direction Theresa Goh & Subhabrata Dasgupta l 22 November 2017 By Deloitte Tax Academy What are we discussing today? 01 02 Emerging trends Key
More informationTRANSNATIONAL TAX NETWORK 2015 HONG KONG CONFERENCE. Hong Kong 9 February David Russell QC Outer Temple Chambers London and Dubai
TRANSNATIONAL TAX NETWORK 2015 HONG KONG CONFERENCE Hong Kong 9 February 2015 David Russell QC Outer Temple Chambers London and Dubai B.E.P.S. for BEGINNERS OR MISERY LOVES COMPANY A TALE OF TWO CITIES
More informationGuidance on the Implementation of Country-by-Country Reporting BEPS ACTION 13
Guidance on the Implementation of Country-by-Country Reporting BEPS ACTION 13 Updated February 2018 Guidance on the Implementation of Country-by-Country Reporting: BEPS Action 13 Updated February 2018
More informationAligning Transfer Pricing Outcomes with Value
OECD/G20 Base Erosion and Profit Shifting Project Aligning Transfer Pricing Outcomes with Value Creation ACTIONS 8-10: 2015 Final Reports OECD/G20 Base Erosion and Profit Shifting Project Aligning Transfer
More informationOn behalf of the Public Affairs Executive (PAE) of the EUROPEAN PRIVATE EQUITY AND VENTURE CAPITAL INDUSTRY
On behalf of the Public Affairs Executive (PAE) of the EUROPEAN PRIVATE EQUITY AND VENTURE CAPITAL INDUSTRY 9 April 2014 To Re Organisation for Economic Co-operation and Development (OECD) Consultation
More informationSimplifying BEPS Action Plan
Simplifying BEPS Action Plan BEPS and GST Conference 2 nd September 2016 1 About the pic: 16 Nov 2015, In Antalya, Leaders expressed support for the package of measures developed under the G-20/OECD Base
More informationPractical Implications of BEPS
www.pwc.com/il Practical Implications of BEPS Vered Kirshner, Tax Partner, PwC Israel Ben Blumenfeld, Tax and Transfer Pricing Senior Manager, PwC Israel Aim of BEPS Action plan backed by the OECD and
More informationGlobal Tax Alert. OECD releases final report on Hybrid Mismatch Arrangements under Action 2. Executive summary
11 October 2015 Global Tax Alert EY OECD BEPS project Stay up-to-date on OECD s project on Base Erosion and Profit Shifting with EY s online site containing a comprehensive collection of resources, including
More informationVAT The submerged part of the BEPS
www.pwc.com VAT The submerged part of the BEPS Thursday, Geneva Agenda Background Potential VAT impact of BEPS Permanent establishment (PE) issues and threats to commissionaire structures How non-european
More informationCanadian Back-To-Back Loan Proposals
In This Issue. Canadian Back-To-Back Loan Proposals... 1. Fourth Protocol to Canada Uk Treaty Eliminates Withholding Tax On Arm s Length Interest, but Preserves Tax Exemption for Gains on Disposition of
More informationOECD BEPS final reports have implications for sovereign wealth and pension funds
14 January 2016 Global Tax Alert OECD BEPS final reports have implications for sovereign wealth and pension funds EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts.
More informationBEPS and ATAD: Where do we stand?
BEPS and ATAD: Where do we stand? by Nicky Gouder Tax Partner Summary Quick Overview of the BEPS Project and ATAD; A Comparison of the BEPS Recommendations and the ATAD obstacles, conflicts. Is harmonious
More informationOECD s Forum on Tax Administration agrees on BEPS implementation, digital and capacity building
16 May 2016 Global Tax Alert OECD s Forum on Tax Administration agrees on BEPS implementation, digital and capacity building EY Global Tax Alert Library Access both online and pdf versions of all EY Global
More informationThe Move towards AEOI as the New International Standard Duncan Nicol Director, Department for International Tax Cooperation
The Move towards AEOI as the New International Standard Duncan Nicol Director, Department for International Tax Cooperation Thursday, 23 January 2014 Grand Cayman Outline International Context EOI in Cayman
More informationOECD releases draft changes to be incorporated in 2017 update to OECD Model Tax Convention
28 July 2017 Global Tax Alert OECD releases draft changes to be incorporated in 2017 update to OECD Model Tax Convention EY Global Tax Alert Library Access both online and pdf versions of all EY Global
More informationBEPS ACTION 11: Establish methodologies to collect and analyse data on BEPS and the actions to address it
Request for input BEPS ACTION 11: Establish methodologies to collect and analyse data on BEPS and the actions to address it 4 August 2014 19 September 2014 REQUEST FOR INPUT ON ACTION 11 OF THE BEPS ACTION
More informationTHE KNOWLEDGE DEVELOPMENT BOX Public Consultation JANUARY 2015
THE KNOWLEDGE DEVELOPMENT BOX Public Consultation JANUARY 2015 Public Consultation Paper: The Knowledge Development Box Department of Finance January 2015 Tax Policy Division Department of Finance Government
More informationPermanent establishments. Recent trends and developments
Permanent establishments Recent trends and developments Panel Moderator Panel Tom Philibert Albena Todorova Catherine Mbogo Partner EY Senegal Partner EY Mozambique East Region Tax Leader EY Kenya Ide
More informationComments on Public Consultation Document Addressing the Tax Challenges of the Digitalisation of the Economy
Ernst & Young, LLP 1101 New York Avenue, NW Washington, DC 20005-4213 Tel: +202-327-6000 ey.com 6 March 2019 Organisation for Economic Co-operation and Development Centre for Tax Policy and Administration
More informationEUROPEAN COMMISSION PRESENTS ANTI-TAX AVOIDANCE PACKAGE
EUROPEAN COMMISSION PRESENTS ANTI-TAX AVOIDANCE PACKAGE tax.thomsonreuters.com On January 28, 2016, the European Commission presented its Communication on the Anti-Tax Avoidance Package (ATA Package).
More informationRoundup of Australia s BEPS developments
TaxTalk Insights Global Tax Roundup of Australia s BEPS developments 12 April 2017 In brief Since its presidency of the G20 in 2014, Australia has been at the forefront of efforts to combat tax avoidance
More informationUnited States Tax Alert
International Tax United States Tax Alert Contacts Harrison Cohen harrisoncohen@deloitte.com Christine Piar cpiar@deloitte.com Dan Skoczylas dskoczylas@deloitte.com June 5, 2015 OECD Releases a Discussion
More informationTax Summit 2017 THE EU ANTI-TAX-AVOIDANCE DIRECTIVE taking a further look at the GAAR 27 October 2017
Tax Summit 2017 THE EU ANTI-TAX-AVOIDANCE DIRECTIVE taking a further look at the GAAR 27 October 2017 Background and introduction The international tax policy environment EU Anti-Tax-Avoidance-Package
More informationRef: PSA/WP/DO(2012)32 06 February Dear Alex,
The Director CENTRE FOR TAX POLICY AND ADMINISTRATION Mr. Alexander Trepelkov Director, Financing for Development Office Department of Economic and Social Affairs United Nations E-mail: trepelkov@un.org
More information