Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


OECD response to BEPS gathers momentum

OECD response to BEPS gathers momentum


An international solution to base erosion and profit shifting (BEPS) moved a step closer at OECD discussions involving IRD officials last week, says Revenue Minister Todd McClay.

The Committee of Fiscal Affairs approved the final recommendations for the first set of actions that are due to be presented to Finance Ministers at a meeting of the G20 in September.

The BEPS Action Plan has seven deliverables due in 2014 and is on track to meet these targets. The deliverables relate to the following action points:
Addressing the Tax Challenges of the Digital Economy
Neutralise the Effects of Hybrid Mismatch Arrangements
Countering Harmful Tax Practices More Effectively, Taking into Account Transparency and Substance
Preventing the Granting of Treaty Benefits in Inappropriate Circumstances
Modifications of Chapters I, II and VI of the OECD Transfer Pricing Guidelines Related to Transfer Pricing Aspects of Intangibles
Modifications of Chapter V of the OECD Transfer Pricing Guidelines Related to Documentation
Developing a Multilateral Instrument to Modify Bilateral Tax Treaties

“It’s an indication of the global commitment to finding solutions that the OECD members are keeping on track with their tight deadline to deliver these actions,” Mr McClay says.

“There is no simple solution to BEPS.”

“The problem is that current international tax rules cannot effectively deal with highly mobile multinational operations working across different jurisdictions, so BEPS is only going to be solved through international co-operation.”

“New Zealand’s domestic tax laws are very strong in this area and include thin capitalisation rules, taxation of passive income of controlled foreign companies and a series of anti-arbitrage rules. These rules help to limit the ability of companies to shelter income.”

“Later this year New Zealand will also be attending the G20 summit in Brisbane. Of particular interest to attendees will be discussions around the tax implications of BEPS and the rapidly digitising world economy.”

“Our representatives at the OECD and G20 will continue to be deeply involved because New Zealand is committed to developing and being part of a strong global response,” Mr McClay says.

ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Open Source // Open Society - Full Coverage

War: What’s To Commemorate?

Gordon Campbell in Werewolf: It is easy to know what we don’t want to commemorate on Anzac Day this year...

In fact, is there anything that can be validly commemorated on this 100th anniversary of Gallipoli?

Beyond, that is, a fleeting sense of empathy with the thousands of soldiers killed or wounded on April 25 1915 and in the months thereafter, until the whole thing was finally called off in December 1915.

(Most of the New Zealand survivors were transferred to the trenches in France, and eventually to the battle of the Somme in 1916.) More>>

 

PARLIAMENT TODAY:

Peter Ellis Case: Minister Declines Request For Commission Of Inquiry

Justice Minister Amy Adams has declined a request from supporters of Peter Ellis for a Commission of Inquiry on the basis that an inquiry cannot be used to determine the liability of any person. More>>

Quakes: New Process For Red Zone Crown Offers

Canterbury Earthquake Recovery Minister Gerry Brownlee has announced a process to give everyone a say on the Crown offers to owners of vacant, commercial/industrial and uninsured properties in the Residential Red Zone. More>>

ALSO:

Gordon Campbell: On The Battle Obama Is Waging Over The TPP

For the past two and a half years, this column has been arguing that the fate of the Trans Pacific Partnership (TPP) deal will hinge on whether US President Barack Obama can win Trade Promotion Authority (TPA) from Congress... Last week, the White House finally, finally unveiled a draft TPA Bill. More>>

ALSO:

Greens: Govt Breaks Free Doctors Visit Promise To Kids

Documents obtained by the Green Party show that the Government decided to fund only 90 percent of doctors’ visits for children suffering from an injury in an attempt trim the cost of the so-called “free” visits. More>>

ALSO:

Other Wars: Extension Of NZDF Commitment In Afghanistan

The New Zealand Defence Force’s commitment of mentors and support staff to the Afghan National Army Officer Academy in Afghanistan has been extended out to December 2016, Defence Minister Gerry Brownlee says. More>>

PM's Press Conference: Auckland Property Prices Increasing "Too Rapidly"

John Key accepted that Auckland property prices 'are going up too rapidly” in a press conference held today in Wellington, however he said that this is not anything new. More>>

ALSO:

Press Conference: ANZAC PMs Concerned About ISIL Bringing The War Home

Prime Minister Key and Prime Minister Abbott spoke of the bond formed between Australia and New Zealand in the “baptism of fire” of Gallipoli. Abbott stated that New Zealand and Australia’s values and interests are linked, and this is reflected in the joint operation in Iraq which will begin shortly. More>>

ALSO:

GCSB's China Shopping: Key Damages China Relationship

Evidence that the Key Government recklessly approved a GCSB spying operation to intercept Chinese diplomatic communications between offices in Auckland will pointlessly damage our relationship with China, the Green Party said today. More>>

ALSO:

Gordon Campbell: On The Reserve Bank And Auckland Housing

The ‘crisis – what crisis?’ response by the government to the Auckland housing price bubble is no longer acceptable. So says Reserve Bank governor Grant Spencer... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news