Government announces UK priorities on BEPS Action Plan
The Treasury and HMRC have released a policy paper on the implementation of recommendations from the OECD’s work on tackling Base Erosion and Profit Shifting (BEPS).
The paper sets out the OECD’s 15 point Action Plan to counter BEPS and the UK’s position on each of these.
The paper confirms the UK’s support of the Action Plan which includes the development of new international tax rules to prevent companies avoiding tax through the use of certain business structures or finance transactions; preventing treaty abuse; and work to ensure that transfer pricing outcomes are in line with value creation.
It discusses what the UK has already done, including initiating the proposal for a country-by-country reporting template; the recent reform of its Controlled Foreign Company rules and aggressive tax planning; and the UK’s mandatory disclosure scheme.
Date: 25th April, 2014
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