In June 2015 – as the importance of tax continues to have a prominent place on the Sovereign Wealth Fund (SWF) and Pension Fund (PF) agenda – the world’s leading SWF and PF managers sat down with policy makers and tax authorities over a three day conference in New York City, held by the KPMG Global Sovereign Wealth and Pension Funds tax network.
On the agenda was a range of key tax challenges and trends – from the impact of Base Erosion and Profit Shifting (BEPS) and country-by-country reporting through to designing the ‘optimal’ structure and composition of the tax department. And, through a series of facilitated discussions and collaborative breakout sessions, attendees took the opportunity to engage – not only with each other – but also with key tax authorities and policy makers. Rolling up their sleeves, managers and authorities sat down together in dynamic and practical discussions. Those in attendance heard – first hand – about key challenges implementing the Organisation for Economic Cooperation and Development (OECD) BEPS principles, debated points of misalignment with tax authorities, raised ongoing concerns about global tax structures and the morality debate and shared leading practices in tax management, planning and administration.
During the conference and surrounding events, attendees spoke candidly about not only their concerns and challenges, but also their evolving models, practices and approaches to tax and tax morality. We hope that this report helps continue the dynamic debate and discussion that emerged from the conference and adds to the ongoing body of knowledge on SWF and PF tax. On behalf of the conference organizers and participants, we encourage you to take up the discussion with your peers, advisors, regulators and tax authorities. To discuss these – or any other tax related issues – please contact your local KPMG member firm or any of the contacts listed at the end of this report.
Download the full report below.