BIAC welcomes First OECD BEPS Recommendations to G20

The business community through BIAC is fully engaged in the OECD work on base erosion and profit shifting (BEPS). The OECD prepared the first set of BEPS consensus reports and recommendations on seven areas of the BEPS Action Plan. BIAC welcomed these recommendations but emphasized that the rules should not result in double taxation, unwarranted compliance burdens or restrictions to legitimate cross-border activity.

BIAC cautions against governments acting too rapidly to implement recommendations into domestic tax legislation until further implementing guidance has been provided and the interactions with future action items is understood. This would risk creating a series of disparate rules that could negatively impact trade and investment.