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The OECD G20 Base Erosion and Profit Shifting Project (or BEPS Project) is an OECD/G20 project to set up an international framework to combat tax avoidance by multinational enterprises ("MNEs") using base erosion and profit shifting tools. [5]
So, best I can tell, neither the OECD's base erosion and profit shifting work nor the U.S. [TCJA] tax reform, will end the ability of major U.S. companies to reduce their overall tax burden by aggressively shifting profits offshore (and paying between 0 [and] 3 percent on their offshore profits and then being taxed at the GILTI 10.5 percent ...
The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting, sometime abbreviated BEPS multilateral instrument, is a multilateral convention of the Organisation for Economic Co-operation and Development to combat tax avoidance by multinational enterprises (MNEs) through prevention of Base Erosion and Profit Shifting (BEPS).
The organisation also attempted to limit companies’ ability to shift profits to low-tax locations, a practice known as base erosion and profit shifting (BEPS). [ 1 ] [ 2 ] The goal of this worldwide exchange of tax information being tax transparency, it requires the exchange of a significant volume of information.
The initiative was initially considered as utopian [6] and remained unsuccessful, until the Base erosion and profit shifting (OECD project) took it over in the context of combatting tax avoidance. [3] In 2015, Country-by-Country Reporting was formally adopted in Action 13 of OECD's final report on Base erosion and profit shifting (OECD project ...
On 1 July 2021, 130 countries backed an OECD plan to set a global minimum corporate tax rate of 15 per cent. [15] On 8 October 2021, the EU members Republic of Ireland, Hungary, and Estonia agreed to the OECD plan under the condition that the 15% tax rate will not be raised. [16]
In October 2015, the OECD released the final reports on the Base Erosion and Profit Shifting (BEPS) project. Action 7 was targeted at Preventing the Artificial Avoidance of Permanent Establishment Status and proposes a large number of changes that are set to be included in the next version of the OECD Model Tax Convention.
However, aggressive intragroup pricing – especially for debt and intangibles – has played a major role in corporate tax avoidance, [18] and it was one of the issues identified when the OECD released its base erosion and profit shifting (BEPS) action plan in 2013. [19]