BEPS: Current status of implementation | KPMG | BE

BEPS: Current status of implementation in various countries

BEPS: Current status of implementation

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.

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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.

Current status

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.

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