Tax officials from 21 Asia Pacific countries and organizations attended an OECD regional network meeting on base erosion and profit shifting (BEPS) designed to give more nations a voice in the development of OECD/G20 base erosion profiting shifting (BEPS) plan output. The meeting, held February 12–13 in Seoul, also focused on the development of toolkits to assist in implementing BEPS solutions for developing nations.
The meeting was set up by the OECD in response to instructions from G20 finance ministers following their September meeting in Carins, Australia. The ministers want the OECD to deepen developing country engagement in tackling BEPS and ensure that their concerns are addressed in BEPS output. The OECD will also hold regional network meetings focusing on Latin America and the Caribbean, French-speaking countries, Eurasia, and Africa.
The meeting’s co-chairs, Yoonjin Kang of Korea and John Hutagaol of Indonesia, reported that attendees were satisfied with their level of inclusion in the BEPS process, and with OECD work to date on BEPS issues such as interest deductibility; artificial avoidance of permanent establishment status; and transfer pricing, including country-by country reporting.
Countries and NGOs said they needed more resources for tax policy development and capacity building, especially to handle transfer pricing matters. Participants also noted that active engagement in the BEPS process is required to ensure a level playing field between MNEs and domestic business, and they said that there was a need to balance investment opportunities with domestic resource mobilization in the region.
Tax officials representing of the following nations attended: Australia, Bangladesh, Bhutan, Cambodia, Chinese Taipei, Hong Kong, India, Indonesia, Japan, Korea, Laos, Malaysia, Marshall Islands, Myanmar, New Zealand, People’s Republic of China, Philippines, Singapore, Sri Lanka, Thailand, and Vietnam.
See:
Related MNE Tax articles:
Be the first to comment