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Eversheds comment: OECD BEPS outcomes published

  • United Kingdom

    05-10-2015

    Commenting on the publication of the Organisation for Economic Co-operation and Development Base Erosion and Profit Shifting (OECD BEPS) outcomes Ben Jones, partner and tax expert at law firm Eversheds, says:

    “The outcomes of the wide-ranging OECD BEPS project represent a major overhaul of the international tax system. Governments have now been given the tools to enable a coordinated, multi-jurisdictional clamp-down on tax-motivated profit shifting and corporate structuring by multinational businesses. However, it should be recognised that extensive follow-through is still required in every participating jurisdiction.

    “Since the BEPS outcomes combine a mixture of minimum standards, recommendations and best practice, there will continue to be uncertainty as to how and when the outcomes will be implemented. As this becomes clearer, multinational businesses are likely to need to change their corporate structures and business practices. For some businesses, these changes will be significant and could have a material bottom-line impact. With today’s announcement of the BEPS outcomes, the clock is now ticking for multinational businesses to react and adapt to the changes to come.”

     

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