Vistra Insights

The state of BEPS now: From Country-by-country reporting to Pillars One and Two

What your cross-border business needs to know about BEPS

Watch on-demand

 

 

06 October, 2020 | English

EMEA 11AM BST | Americas 1PM EDT

survey from CFO Research and Vistra showed that fulfilling transfer pricing obligations was the top compliance area that senior executives had the least confidence in. Their concerns arise in part because of the OECD’s Base Erosion and Profit Shifting program, or BEPS. 

Initiated by the OECD and G20 countries in 2013, the BEPS program continues to transform the global tax landscape. The so-called BEPS Inclusive Framework is made up of more than 135 countries that “are implementing 15 Actions to tackle tax avoidance, improve the coherence of international tax rules and ensure a more transparent tax environment.” 

Tax authorities around the world are implementing various BEPS measures, and any business with cross-border activities — including cross-border digital commerce activity— must adapt. The BEPS program is an ongoing effort, with milestones that include the release of country-by-country reporting (CbCR) guidelines, the development of the Common Reporting Standard (CRS), the release of Pillar One and Two recommendations (on how and where to tax large technology companies), and the release of annual OECD Corporate Tax Statistics reports to measure and monitor progress. 

This webinar summarizes the BEPS project to this point, while providing real-life examples of the kinds of tax laws being introduced by countries around the world to ensure local authorities receive their perceived fair share of tax. Here are some of the topics to be covered: 

  • Overview of OECD BEPS guidance, including country-by-country reporting and transfer pricing documentation, the Multilateral Convention (MLI), and Pillars One and Two 

  • Some country-specific examples of digital services taxes, including the UK, India and France 

  • The US’s 2020 investigation of digital services taxes 

  • Lessons from the European Commission’s 2016 13 billion euro Apple ruling and the 2020 European court overruling  

  • UK offshore receipts law related to intangible property 

  • Hong Kong’s new transfer pricing requirements  

  • Singapore’s introduction of the MLI 

Presented by: 

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Bryn Walters Tom Lickess

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