G20 leaders endorse OECD BEPS package, encourage all countries to participate

The G20 leaders at their summit in Antalya, Turkey, on November 15-16 endorsed the 13 final reports developed under the G20/OECD base erosion and profit shifting (BEPS) project and urged the timely implementation of the project in all countries, including developing nations.

The final reports are based on the BEPS action plan, approved by the G20 in July 2013, which identified 15 key areas to be addressed by 2015 to combat multinational corporation tax avoidance.

The leaders said that the BEPS measures furthered a “globally fair and modern international tax system” and that widespread and consistent implementation of the BEPS package, particularly the measures on exchange of information on private tax rulings, will be crucial to the projects effectiveness.

The leaders also called on the OECD to develop by early 2016 a framework for monitoring the implementation of the BEPS project with the equal participation of interested non-G20 countries.

The leaders acknowledged that the timing of implementation of the project outcomes by developing countries may not be the same as that of other countries, and said they expect the OECD and other international organizations to ensure that developing nations’ circumstances are appropriately addressed in the framework.

See:

• G20 Leaders’ Communiqué

Related MNE Tax articles:

• G-20 finance ministers approve final BEPS plan measures

• G20 ministers task OECD with developing framework on BEPS plan implementation