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.
Argentina this week announced a new tax deal for energy exporters, which would allow companies to export 20% of oil and gas tax-free if certain conditions are met.
Germany remains concerned about the competitive disadvantage it feels it is being placed under by the existence of European patent box regimes such as the UK Patent Box and the Dutch Innovation Box.
The UK has done much to reform its corporate tax regime over the past 10 years, evidenced most recently by the announcement of a further corporate tax cut – to 20% from April 2015 – and the introduction of a patent box regime. The consensus is that the government’s Open for Business agenda is working.
Australia’s Assistant Treasurer, David Bradbury, has released a joint statement with Deputy Prime Minister Anthony Albanese regarding a new tax incentive to drive private investment in infrastructure.
The Swiss Bankers Association (SBA) has stated that Switzerland’s tax agreement with the UK, which entered into force on January 1 2013, will result in far less revenue for the UK exchequer than previously assumed.
