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OECD/G20 Base Erosion and Profit Shifting (BEPS) Project Summary

Core Content

The OECD/G20 Base Erosion and Profit Shifting (BEPS) Project was launched in 2013 with the goal of addressing the challenges posed by tax avoidance strategies that exploit gaps and mismatches in international tax rules. The project aimed to restore public trust in tax systems, ensure that profits are taxed where economic activities occur and value is created, and prevent harmful tax practices that distort global trade and investment. In 2015, the project delivered a comprehensive package of 15 actions, including new or revised international standards, to combat BEPS effectively.

Main Views

• Urgency and Importance: The international tax framework, developed over a century ago, is no longer fit for purpose due to the rise of multinational enterprises (MNEs) and the digital economy. BEPS can lead to double non-taxation and double taxation, both of which are detrimental to economic growth and development.

• Collaboration and Inclusivity: The project was developed with unprecedented participation from OECD, G20, and developing countries. It emphasized the need for a coordinated, inclusive, and transparent approach to reforming international tax rules.

• Comprehensive Measures: The BEPS package includes a wide range of measures, from updating transfer pricing guidelines to implementing Country-by-Country (CbC) reporting, preventing treaty abuse, and promoting transparency and disclosure of aggressive tax planning.

• Long-term Sustainability: The reforms are designed to ensure the sustainability of the international tax system, eliminate double taxation, and support fair tax competition across borders.

Key Information

BEPS Package Overview

The BEPS package consists of 15 actions, each addressing specific aspects of tax avoidance and profit shifting:

1. Address the Tax Challenges of the Digital Economy

   • Focus on how digital businesses can be taxed fairly.
   • Includes changes to the permanent establishment (PE) definition and guidance on VAT collection based on the consumer's location.

2. Neutralise Hybrid Mismatch Arrangements

   • Eliminate tax benefits that arise from inconsistent treatment of certain financial instruments across jurisdictions.

3. Strengthen CFC Rules

   • Enhance the rules for controlled foreign company (CFC) taxation to prevent profit shifting to low-tax jurisdictions.

4. Limit Base Erosion via Interest Deductions

   • Introduce rules to limit excessive interest deductions that can erode the tax base.

5. Counter Harmful Tax Practices

   • Promote transparency and substance, and address harmful tax practices that distort investment and trade.

6. Prevent Treaty Abuse

   • Combat treaty shopping and other forms of treaty abuse by introducing model provisions.

7. Prevent Artificial Avoidance of PE Status

   • Address the misuse of PE definitions to avoid taxation.

8-10 Ensure Transfer Pricing Aligns with Value Creation

• Update transfer pricing guidelines to reflect the actual economic activities and value creation of MNEs.

11-14 Monitoring and Disclosure

• Introduce a monitoring framework, mandatory disclosure of aggressive tax planning, and improved transfer pricing documentation.

15 Multilateral Instrument

• Develop a multilateral instrument to implement BEPS measures into bilateral tax treaties efficiently and in a coordinated manner.

Implementation and Monitoring

• Implementation Timeline: The BEPS package was developed and agreed upon in just two years, reflecting the urgency of the issue. Some measures, like the revised Transfer Pricing Guidelines, can be implemented immediately, while others require changes in domestic laws or through tax treaties.

• Country-by-Country Reporting: MNEs with consolidated group revenue exceeding EUR 750 million are required to report their revenues, profits, and economic activities in each jurisdiction where they operate. This provides tax authorities with better visibility into MNE operations and helps in identifying BEPS risks.

• Dispute Resolution: The project includes a commitment to improve dispute resolution mechanisms, such as the mutual agreement procedure (MAP), and to explore the use of binding arbitration. A new standard for timely dispute resolution is being developed, with a focus on reducing conflicts between countries.

• Peer Review and Transparency: A revitalised peer review process is being used to monitor harmful tax practices and promote transparency. Tax administrations are encouraged to exchange information on taxpayer-specific rulings to prevent BEPS.

Post-BEPS Environment

• Modern Tax Framework: The adoption of the BEPS package lays the foundation for a modern international tax framework where profits are taxed based on where economic activities occur and value is created.

• Ongoing Work and Monitoring: OECD and G20 countries will continue to work together on BEPS until 2020 to complete pending tasks and ensure efficient implementation. The project will also monitor the impact of the measures on compliance and tax administration.

• Inclusive Framework: The project aims to design an inclusive framework that involves not only OECD and G20 countries but also other international and regional tax organisations, particularly developing countries. This includes the development of a multilateral instrument and the inclusion of non-OECD, non-G20 countries in the monitoring process.

• Future Considerations: The OECD and G20 will continue to assess the effectiveness of the BEPS measures and consider further reforms, especially in response to developments in the digital economy and the need for more inclusive tax cooperation.

Conclusion

The BEPS Project represents a major step towards modernising international tax rules to address the challenges of the 21st century. By promoting transparency, coordination, and fairness, the project aims to ensure that the global tax system remains effective and sustainable in the face of evolving economic and technological landscapes.