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ARTICLE · 21 FEBRUARY 2017

Is Your Customs Compliance BEPS Ready?

Bennett Jones LLP
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2016 was the first year of the new transfer pricing reporting regime called Country-by-Country Reporting (CbCR).

CanadaTax
Bennett Jones LLP
Bennett Jones LLP
Claire Kennedy
Claire Kennedy
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2016 was the first year of the new transfer pricing reporting regime called Country-by-Country Reporting (CbCR). It will be a major new tool for revenue authorities and will undoubtedly lead to greater audit activity and more transfer pricing disputes as it begins its implementation around the world, including in Canada.

Although BEPS was aimed primarily at income taxation of multinational enterprises (MNEs), it will have significant customs duty and compliance effects too, especially for companies with extensive inter-company supply chains. Here we highlight what customs compliance managers need to know to ensure they understand the impact of BEPS on their responsibilities and the company's customs liabilities, that is, to ensure they are BEPS ready.

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