Hong Kong Tax Alert - Issue 15, August 2013
The OECD released its report, Action Plan on Base Erosion and Profit Shifting (BEPS), on 19 July 2013, which represents a significant development in the area of global cooperation to modernise the international tax system.
The G20 financing ministers called on the OECD to develop an action plan to address the issue of BEPS in a coordinated and comprehensive manner. The report stems from concerns that the development and interaction of domestic tax laws by sovereign states may not adequately deal with the way in which globally integrated groups operate and structure their tax affairs.
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