Last week’s OECD release of the final package of measures for a coordinated international approach to the reform of the international tax system, under the OECD/G20 base erosion and profit shifting (BEPS) project, marks the end of the discussion and recommendation phase, and the start of the implementation and practical delivery phase.
All BEPS final reports, together with a plan for the follow-up work and a timetable for their implementation, were presented at the G20 Finance Ministers’ meeting on 8 October 2015. The G20 Finance Ministers endorsed the final package of BEPS measures and renewed a commitment for rapid, widespread, and consistent implementation of the measures. The package will now be submitted to the G20 Leaders for discussion and action at their meeting on 15-16 November 2015 in Turkey.
A KPMG report lists the 15 different actions of the BEPS action plan. Several countries recently indicated that they envisage implementing or have implemented country-by-country (CbC) reporting and other transfer pricing disclosure requirements based on Action 13 of the BEPS action plan.
The countries include: France, UK, Denmark, Australia, Netherlands, Poland, Mexico, South Korea, and Spain.
Read an October 2015 report prepared by the KPMG member firm in Luxembourg providing current status of BEPS actions in these countries.