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The Organisation for Economic Co-operation and Development (OECD) is developing a global tax action plan, scheduled to be released in July, that targets transfer pricing (pricing among entities of a company) aimed at tax avoidance. In February, the Group of 20 nations urged the OECD, comprised of 34 countries including the United States, to develop the plan to help solve some of the tax inequities that exist globally.
Sean Foley, principal in charge of KPMG's global transfer pricing services practice in the United States, says the action plan is very important. "It's the first time the G20 asked the OECD to give them an action plan. That's never happened before."
According to the OECD, the action plan will consist of "comprehensive, coordinated strategies for countries concerned with BEPS [base erosion profit shifting]."
BEPS is the OECD's term for the problem.
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