OECD promises quick action on profit shifting
The Organisation for Economic Co-operation and Development (OECD) has committed to dealing with the issue of base erosion and profit shifting (BEPS) in a timely fashion with an action plan expected in June.
As outlined in a recent Ernst & Young webcast which addressed the OECD report on BEPS, there was an “urgent need” to deal with the issue and that they would provide an “innovative and timely” response working on an accelerated timeline.
In addition to identifying actions needed to address BEPS, the OECD will set deadlines to implement the actions and identify the resources and methodology needed.
The OECD action plan will be publically released in July, to coincide with the G20 meeting, and will be divided into three major work streams, which will be pursued in tandem.