Costing governments an estimated 100-240 billion USD in lost corporate income tax revenues per year, tackling BEPS effectively is a global issue, requiring a coherent global approach.
For the first time ever in international tax matters, OECD and G20 countries worked together to develop the OECD/G20 BEPS Project to equip governments with domestic and international instruments needed to tackle tax avoidance.
At the request of G20 Leaders in 2015, the OECD developed the new Inclusive Framework on BEPS, now covering over 100 members representing a wide diversity of economic profiles, including a significant number of developing countries. All of the members participate on an equal footing, committed to implementing the BEPS measures, undertaking peer reviews concerning the BEPS minimum standards, and finalising the remaining standard-setting work, in particular in relation to transfer pricing.
OECD’s focus will continue to be on the implementation of the BEPS measures, including through delivering additional guidance, as well as ongoing standard-setting work on key issues relating to transfer pricing. At the request of the G20, the OECD also delivered an interim report on the implications of digitalisation for taxation in March 2018.