KPMG Reacts to the OECD's Mandatory Disclosure Rules | KPMG | CA

KPMG Reacts to the OECD's Mandatory Disclosure Rules

KPMG Reacts to the OECD's Mandatory Disclosure Rules

KPMG released its initial impressions of the OECD's discussion draft on BEPS Action 12.

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KPMG recently released its initial impressions of the OECD's discussion draft on BEPS Action 12, "Mandatory Disclosure Rules".

KPMG concludes that the discussion draft does not provide enough guidance on tailoring mandatory disclosure rules to achieve the principles established in the discussion draft. KPMG also says the discussion draft does not adequately address the potentially massive compliance costs and risks for large multinational taxpayers and their advisors.

In particular, KPMG discusses topics on the mandatory disclosure rules, including:

  • Mandatory disclosure rule objectives and design principles
  • Reportable transactions
  • Timing
  • Recommendations for cross-border mandatory disclosure rules
  • Consequences of failure to comply with mandatory disclosure rules.

The deadline for comments on the discussion draft is April 30, 2015 and the public consultation will be held on May 11, 2015.

For more information, contact your KPMG adviser.

Disclaimer

Information is current to April 21, 2015. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation.

For more information, contact KPMG's National Tax Centre at 416.777.8500.

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