Base Erosion and Profit Shifting (BEPS): Changing the Rules
The last few months have seen an extraordinary attack on the tax planning activities of the world’s largest companies. The attack has come from multiple directions:
- the UK Parliament’s Public Accounts Committee has publicly criticised the transfer pricing practices of Google, Amazon, and Starbucks;
- governments in Australia, New Zealand, France, and Germany have made similar public criticisms;
- in the United Nations Practical Manual for Transfer Pricing, China and India articulate why the existing application of transfer pricing rules does not leave an adequate level of taxable profits in developing countries;
- the tax authority leaders of the BRICS countries pledge to promulgate international tax and transfer pricing guidance which is appropriate for developing countries; and
- on 12 February, the OECD released its report on “base erosion and profit shifting” (BEPS), which was subsequently endorsed by the G20 countries.
What does it all mean? And more importantly, where will it all end? In this Dbrief, we’ll discuss:
- BEPS: the story so far
- The road forward: what is the OECD’s plan and will the BRICS countries accept it?
- Where will we end up? In particular, what changes do we predict to the established international tax and transfer pricing rules?
- Implementation: how?
BEPS will probably be the biggest story in international tax and transfer pricing in this decade. Find out what it is all about and how fundamental rules might be about to change. Presenters: Leonard Khaw, Eunice Kuo, and Peter Madden. The host for this one hour session is Steve Towers which will run on Wednesday 13 March 2013 at 2.00pm HKT (GMT +8). Attendance will count towards CPD.
International tax: What Can We Learn from the Top Tax Cases of 2012?
Fascinating court decisions have emerged in 2012 involving the interpretation of double tax treaties and
other international tax issues. What do these cases reveal? In this Dbrief, we’ll discuss:
- Permanent establishment cases in India, Spain, and Italy, as well as Indian cases involving the application of the royalties definition to telecommunications and other transactions.
- Non-discrimination article cases in the UK and India, and cases dealing with the “other income” article.
- “Beneficial ownership” cases in Canada and Switzerland, and a landmark transfer pricing case in Canada.
- Anti-avoidance cases in the UK and Australia.
- A business restructuring case in France, and a debt vs. equity characterization case in the U.S.
Understand technical and practical implications of key rulings and discover how they apply to your company’s international tax planning. Presenters: Leonard Khaw, Neil Pereira, and Sunil Shah. The host for this one hour session is Steve Towers which will run on Thursday 21 March 2013 at 2.00pm HKT (GMT +8). Attendance will count towards CPD.
Tax Alert March 2013 contents
- Tax Alert - March 2013
- Tax pooling might be worth a thought
- OECD Releases new base erosion and profit shifting report
- It’s not too late to pay out those old imputation credits, but it soon will be
- Inland Revenue issues warning on salary packaging voucher schemes
- Upcoming Dbriefs
- Alesco decision released - Inland Revenue continues its winning streak
- 31 March 2013 is fast approaching
- KiwiSaver contribution rates increase from 1 April 2013