Common Reporting Standards: an OECD step toward tax transparency

With increasing globalization, many tax payers started making, holding and managing investments through offshore financial institutions outside their country of residence. Such offshore money goes untaxed and such offshore tax evasion was considered a serious problem for jurisdictions all over the world. In this backdrop, cooperation between tax administrations is considered critical in the fight … More Common Reporting Standards: an OECD step toward tax transparency

Impact of BEPS on transfer pricing documentation (Action 15)

OECD issued the Final Reports on the 15 Action points announced under Base Erosion and Profit Shifting (BEPS) Projectproviding governments with much needed ammunition to close the gaps in the existing international rules that allow corporate profits to “disappear” or be artificially shifted to low/no tax environments, where little or no economic activity takes place … More Impact of BEPS on transfer pricing documentation (Action 15)

Tax transparency: New reporting requirements

The tax world is changing at a rapid pace. Tax planning is being closely scrutinized and monitored, and tax evasion is not tolerated. The use of offshore jurisdictions to minimize tax liability is being frowned upon and the regular exchange of information between jurisdictions is becoming the “new normal.” The US, in 2010, enacted The … More Tax transparency: New reporting requirements

BEPS, value creation and transparency

Over several decades and in step with the globalization of the economy, world-wide intra-group trade has grown exponentially. Transfer pricing rules, which are used for tax purposes, are concerned with determining the conditions, including the price, for transactions within a multi-national enterprise (MNE) group resulting in the allocation of profits to group companies in different … More BEPS, value creation and transparency

Redefining the boundaries of International Taxation

In what may be regarded as the single-most collaborated cross-border tax reform, the final reports relating to the OECD project on base erosion and profit shifting (BEPS) were released by the OECD on 5 October 2015. The reports include recommendations, which potentially cause a tectonic shift in international laws and treaties. Armed with the directive … More Redefining the boundaries of International Taxation