The OECD’s action plan for multilateral cooperation to address tax base erosion and profit shifting (BEPS), published on July 19 2013, inaugurates a global collaborative effort to modernise the international tax system. The plan describes 15 proposed actions, identifies expected outputs and establishes the anticipated timeframe. Abe Zhao, Leonard Zhang and David Chamberlain of KPMG China comment on the implications of BEPS for China.