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Join AmCham China for an informative tax seminar on Base Erosion and Profit Shifting (BEPS). In this presentation, the speakers will outline the framework and objectives of the BEPS program, discuss the emergent Organisation for Economic Cooperation and Development (OECD) proposals, identify significant legislative action taken to-date across countries, and make recommendations for MNEs doing business in China.
Backed by the G20 group of finance ministers and central bank governors, the BEPS initiative is aimed at a thoroughgoing overhaul of the international tax system to restore the coherence of existing rules and ensure that the imposition of taxation across countries follows the geographic location of value creation. Combating the phenomenon of double non-taxation of income, which had long been a secondary consideration for international tax rule setters, is now firmly in the sights of the global policy makers.
Backed by the G20 group of finance ministers and central bank governors, the BEPS initiative is aimed at a thoroughgoing overhaul of the international tax system to restore the coherence of existing rules and ensure that the imposition of taxation across countries follows the geographic location of value creation. Combating the phenomenon of double non-taxation of income, which had long been a secondary consideration for international tax rule setters, is now firmly in the sights of the global policy makers.
Many countries, particularly in Europe, have pre-empted the completion of the OECD's work and, anticipating the BEPS recommendations, have been making domestic tax law changes to curb aggressive tax planning by MNEs. The changes to the global tax system, resulting from the BEPS initiative, are consequently already taking effect. Businesses need to be aware of recent and anticipated tax law changes so that appropriate planning can be conducted. As the BEPS process has made a point of being particularly open to feedback from business interests, awareness also allows for business to provide input and feedback now, while the new rules are still under development.
