The global movement to curb tax base erosion and profit shifting has built a full head of steam over the past year, and we are starting to see the first wave of concrete results. From the Organisation for Economic Co-operation and Development’s (OECD) proposals on tax transparency and transfer pricing to the European Union’s country-by-country tax reporting rules, to unilateral legislative action by countries worldwide, these projects are advancing at a fast pace.
Globally, much of this activity centers on the OECD’s Action Plan on Base Erosion and Profit Shifting (BEPS). While countries in Europe and North America may appear to have the strongest voices in the debate, many countries in the Asia Pacific region (ASPAC) are influencing – and being influenced by – the profound international taxation changes that are under review.
How is BEPS-related tax policy evolving in this diverse region? At the mid-point in the OECD Action Plan’s 2-year mandate, KPMG International polled senior tax policy specialists in 23 KPMG member firms across ASPAC to take stock of trends and developments in these countries. In particular, we asked:
Most importantly, we sought to answer if BEPS activities will ultimately improve taxation of cross-border transactions in ASPAC – or if companies will continue to weather inconsistency and uncertainty for years to come.
This publication is the first in a three part series. To read the other publications in this series, please visit: