BEPS Corner

BEPS stands for Base Erosion and Profit Shifting and describes the negative effects countries are facing when multinational corporations use international tax planning strategies to shift their profits into no or low tax locations. The BEPS project has been initiated by the Organisation for Economic Co-operation and Development (OECD) and aims to ensure that profits are taxed where economic activities generating the profits are performed and where value is created. At the same time the measurements shall give taxpayers greater certainty by reducing disputes over the application of international tax rules.

Hong Kong as major hub for international trade, used to be unconnected to overseas tax administrations for tax related matters. However, BEPS and will affect taxpayer’s in Hong Kong as well. To keep Hong Kong’s rank as one of the best places to do business in the world, the government must bow to international pressure for more tax transparency.

In our BEPS corner we will keep your posted with international developments and and recommendations on possible actions steps. If you prefer to discuss your case with our specialist, please feel free to contact  us.

22/09/2014 – Conclusions on the first OECD deliverables regarding BEPS

On 16 September 2014, the OECD launched its BEPS 2014 deliverables with a webcast. The comments, progress and current level of agreement across OECD countries, the G20 and developing world highlights the continuing political will to implement new rules world-wide. We have summarized the 7 major action steps in our newsletter.

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