Oct 2014, Issue 12
OECD released the first batch of BEPS deliverables
On 16 September 2014, the Organisation for Economic Co-operation and Development released the first batch of deliverables of the base erosion and profit shifting (BEPS) project. Seven of the 15 elements of the BEPS Action Plan are covered in this first stage.
While formulating and implementing the relevant international and domestic tax rules will be a long-term process, companies need to stay tuned of the BEPS development and be ready to evaluate the impacts of the BEPS outputs on their businesses/operations and consider what actions are required. Potential impacts arising out of the BEPS project include: additional tax compliance/information reporting requirements, increased transparency of transfer pricing related information, increased uncertainties in applying for treaty benefits and possible modification/abolishment of certain existing preferential tax regimes. Other issues of Hong Kong Tax News Flash
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