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A spate of BEPS scandals in the past decade has served as an impetus for the OECD's action. The largest firms are often U.S. multinationals avoiding the high (35%) worldwide corporate tax rate in the United States. However BEPS tools (and structuring) are also increasingly used in money laundering/regulatory avoidance.
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 BEPS tools used by tax havens have been known and discussed for decades in Washington. [50] For example, when Ireland was pressured by the EU–OECD to close its double Irish BEPS tool, the largest in history, to new entrants in January 2015, [51] existing users, which include Google and Facebook, were given a five-year extension to 2020. [52]
Apple's Q1 2015 Irish restructure, post their €13 billion EU tax fine for 2004–2014, is one of the most advanced OECD-compliant BEPS tools in the world. It integrates Irish IP–based BEPS tools, and Jersey Debt–based BEPS tools, to materially amplify the tax sheltering effects, by a factor of circa 2. [136]
The OECD minimum global corporate tax has been criticized by some low- and middle-income countries for not providing an equitable solution for reallocating global taxing rights. While G-7 countries have celebrated the deal as a breakthrough in ending the race to the bottom in corporate taxation worldwide, LMICs have expressed concerns about ...
The global economy must steer through a precarious recovery this year and next as inflation keeps dragging on household spending and higher interest rates weigh on growth, banks and markets. The ...
BEPS Expert: daily online publication providing news, analysis, and insight on base erosion and profit shifting (BEPS) Tax Practice Expert: weekly update on federal taxation designed for tax practitioners who work with individuals and small businesses; Exempt Organizations Expert: daily online publication focusing on nonprofit taxation
Countries need a new international pact to fix a mounting water crisis that could cut economic growth by at least 8% and put half the world's food supplies at risk by 2050, an OECD-backed ...