BEPS: Hypocrisy and tax protectionism in disguise?
KUDOS to Deputy Prime Minister Lawrence Wong for delivering an extensive and far-reaching Budget. It was not only deeply researched, well thought-out and targeted, but also far-sighted in kickstarting focus on areas that will be of keen importance in years to come. While most of the issues covered are easily digestible to the man on the street, the subject of BEPS is perhaps something that is less familiar to many.
What is BEPS?
The BEPS (Base Erosion and Profit Shifting) project was started in 2013 by the Organisation for Economic Co-operation and Development (OECD) and the G20 to combat increasingly aggressive tax planning by corporations that unfairly eroded tax revenue. This subsequently laid the foundations for 15 action plans, covering areas such as harmful tax practices, treaty abuse and disclosure of aggressive tax planning.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Opinion & Features
Big win for Labour and deal on Europe could produce UK rebound
Will AI ever live up to its hype?
Vibrancy of Singapore Exchange should be everyone’s concern
From Lego to McKinsey, distracted managing can kill companies
South Korea summit comes at key moment in global AI debate
Stock market needs shot in the arm, but not via CPF investments