In the second of a two-part series, Stephanie Paiva Sanderson,
Corporate Attorney and Chair of the Industry/Government Joint
Committee on Fatca and CRS analyses recent developments in the
global effort to increase transparency and how Bermuda is
participating in the various international schemes.
Base Erosion and Profit Shifting (BEPS) Project
The OECD has been working at record speed to get the Base
Erosion and Profit Shifting Project off the ground over the past
couple of years and global implementation is quickly advancing.
There are 15 action points that all together constitute well over
1,500 pages of proposals and plans to deter tax planning strategies
that shift profits or take advantage of loopholes in tax
regulations. The BEPS Project will indeed be shaking up
international business and takes aim at an array of technical
issues such as double non-taxation, hybrid mismatches, treaty
shopping, and transfer pricing — just to name a few.
