Guiding you through the BEPS maze

By Michael Cooper

Over the next few months we’ll see the most comprehensive reform of international tax most of us can recall, courtesy of the OECD’s Base Erosion and Profit Shifting (BEPS) project. Many of you will have seen that the OECD published its recommendation for the first part of its planned reforms last week

The OECD’s report covered seven of the 15 areas in its BEPS Action Plan, ranging from hybrid mismatch arrangements to transfer pricing documentation and country-by-country reporting. While few of the announcements were a complete surprise, the biggest message was the OECD’s determination to push though as much of its BEPS package as possible within its two-year plan.

The impact on many businesses will be massive and over the next few weeks and months we expect to start seeing announcements from tax authorities across the world as they begin to respond to the OECD recommendations, as well as views and opinions from all sides about what the changes mean. As Richard Collier said in his blog last week, it’s likely that different tax authorities are going to have different views about how the recommendations should be implemented, so this next stage is unlikely to be smooth. It’s going to be confusing and overwhelming, to say the least, but we’re here to help.

Over the coming months we’ll be regularly adding blogs, commentary and videos to our BEPS webpage, explaining exactly what you need to know, what the changes mean for you and what you should expect next. We’re very aware that you’re going to have a lot thrown at you about BEPS, so we will do our best to cut out the noise and distil everything down to the practical essentials. That’s what we’re here for, so keep logging in.