Pascal Saint-Amans, Director of the Centre for Tax Policy and Adminstration OECD highlighted recent output:
- the landmark Base Erosion and Profit-Shifting (BEPS) Action Plan, endorsed by the G20
- release of a single global standard for information exchange between tax authorities
- revised guidance on transfer pricing
- country by country reporting of revenues and profits.
He said that the key reason for introducing the BEPS Action plan was a concern that the existing international tax framework had been too successful in eliminating double taxation: it had facilitated cross-border growth in investment and trade, but it had also led to instances of non-double taxation of profits.
Given the OECD’s leaders have approved the BEPS Action Plan, there is unstoppable political momentum and all 15 of the BEPS action points should be introduced, Mr Saint-Amans said.
Read more about the progress of the BEPS action plan and the fundamental building blocks.