The House of Lords Economic Affairs Committee has published a report which states that the UK tax system is not working and needs an urgent review. It specifically criticised the differential tax treatment of debt and equity.
Australian Treasurer Chris Bowen last week released his Economic Statement which details the economic outlook for Australia. The statement reveals extra funding for the tax authority, as well as outlining reforms to corporate tax incentives.
Australia is gearing up to try and achieve meaningful outcomes on action to tackle base erosion and profit shifting (BEPS) during its chairmanship of the G20 next year.
Now the dust from last week’s G20 finance ministers’ meeting in Moscow is beginning to settle, the question is to what extent the OECD’s action plan for tackling base erosion and profit shifting (BEPS) marks a turning point in the history of international taxation, and whether the timeframes outlined in the report are realistic.
The OECD Action Plan for tackling base erosion and profit shifting (BEPS) was unveiled this morning at the G20 meeting of finance ministers in Moscow. The plan discusses a timeframe of between 12 and 24 months for implementing action and outlines how the OECD will work with national states to improve the overall tax take and clamp down on tax arbitrage by addressing perceived flaws in international rules.
