Archive for September, 2014
OECD Releases First BEPS Recommendations
Posted by Bogdan Marius Beleuz in Auditing & Accounting, Corporate Business & Management, Financial Transactions, Fiscality, Global Financial System, Globalization Challenges on September 25, 2014
The OECD released its first recommendations for a co-ordinated international approach to combat tax avoidance by multinational enterprises.
The recommendations, under the OECD/G20 Base Erosion and Profit Shifting Project, are designed to create a single set of international tax rules to end the erosion of tax bases and the artificial shifting of profits to jurisdictions to avoid paying tax.
The first 7 elements of the Action Plan released today focus on helping countries to:
- ensure the coherence of corporate income taxation at the international level, through new model tax and treaty provisions to neutralise hybrid mismatch arrangements (Action 2);
- realign taxation and relevant substance to restore the intended benefits of international standards and to prevent the abuse of tax treaties (Action 6);
- assure that transfer pricing outcomes are in line with value creation, through actions to address transfer pricing issues in the key area of intangibles (Action 8);
- improve transparency for tax administrations and increase certainty and predictability for taxpayers through improved transfer pricing documentation and a template for country-by-country reporting (Action 13);
- address the challenges of the digital economy (Action 1);
- facilitate swift implementation of the BEPS actions through a report on the feasibility of developing a multilateral instrument to amend bilateral tax treaties (Action 15); and
- counter harmful tax practices (Action 5).
China to Become World’s Largest Economy in 2024
Posted by Bogdan Marius Beleuz in Corporate Business & Management, Geopolitical Issues, Global Financial System, International Trading, More Trade News in Brief, Reports & Analysis on September 8, 2014
According to a Report from IHS Economics, China will become the world’s largest economy in 2024.
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