In Thomson Reuters Survey, 1 in 4 Companies Say They Won't Meet BEPS Deadline
(Thomson Reuters ONE) -
European companies ahead of Americas and Asia Pacific in preparation for BEPS
Action Plan
LONDON October 6, 2015 - One-quarter of corporate tax and transfer pricing
directors surveyed say their companies will fail to meet the first deadline
proposed by the Organisation for Economic Co-operation and Development (OECD) in
its Base Erosion and Profit Shifting (BEPS) Action Plan.
Finance ministers for the G20 countries called on the OECD to develop the BEPS
Action Plan to help nations align their corporate tax policies. This week, the
OECD will present the plan to the G20 finance ministers in Lima, Peru.
Its impact already is reverberating. Several countries - including the UK,
Australia, Spain, Mexico, the Netherlands, Poland, South Korea, Singapore and
China - have proposed new corporate tax and transfer pricing rules broadly
reflecting the tenets of the BEPS Action Plan even before it is officially
delivered.
The Thomson Reuters survey found that European companies are more intensely
focused on BEPS planning than their peers around the world. The majority of
respondents (59%) from European-based companies said they are proactively
preparing for BEPS, compared with 48% of companies in the Americas and Asia
Pacific.
Additionally, 47% of European respondents said they spend between 2-15 hours per
week on BEPS activity, compared with 26% for the Americas and Asia Pacific.
This regional disparity may be due to the higher degree of BEPS-related activity
taking place in Europe compared with the US, where there has been little
legislative discussion of the OECD's recommendations.
Europe also leads the world in BEPS activism. Among all respondents, 19% said
their companies have submitted comments to the OECD regarding the BEPS
discussion drafts - but in Europe it was 45%.
This regional disparity also is seen in internal company discussions about the
BEPS Action Plan. Overall, 55% of survey respondents said they have addressed
the issue with their boards of directors - although the number drops to 39% in
the US and rises to 63% in Europe.
"While many multinationals corporations are diligently preparing for BEPS, some
are constrained by limited resources, and others are adopting a potentially
dangerous wait-and-see approach," said Brian Peccarelli, president of the Tax &
Accounting business of Thomson Reuters. "With the first deadline just over 24
months away, MNCs need to be resolute in their strategy if they are going be
fully compliant by 2017."
Most respondents said transfer pricing requirements, specifically documentation
and country-by-country reporting, are their greatest concern among all BEPS
actions. Globally, 74% said they will complete their country-by-country analysis
by the first due date, December 31, 2017.
Additionally, two-thirds of respondents reported that their IT systems do not
integrate with their transfer pricing policies, an issue that could leave them
exposed and will need to be addressed in the post-BEPS landscape. Furthermore,
half of respondents said their companies do not have a central database of
important intercompany agreements and tax rulings required to comply with the
new transfer pricing documentation requirements.
To learn more, visit: https://tax.thomsonreuters.com/BEPS-Survey
Note to editors: Thomson Reuters, in association with Euromoney, conducted the
survey in June 2015 of 180 tax professionals across 35 countries and more than
20 industry sectors.
CONTACT
Europe
Tina Allen
+44 (0)20-7375-6814
tina.allen(at)thomsonreuters.com
Asia Pacific
Grace Harvey
+61- 2 9373-1568 (o) +61-4663-2936 (m)
grace.harvey(at)thomsonreuters.com
US
Laura Rojo-Eddy
+1 214-717-0694
Laura.rojo-eddy(at)thomsonreuters.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Thomson Reuters Corporation via GlobeNewswire
[HUG#1956884]
Unternehmensinformation / Kurzprofil:
Datum: 06.10.2015 - 09:00 Uhr
Sprache: Deutsch
News-ID 424882
Anzahl Zeichen: 4810
contact information:
Town:
New York
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 167 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"In Thomson Reuters Survey, 1 in 4 Companies Say They Won't Meet BEPS Deadline"
steht unter der journalistisch-redaktionellen Verantwortung von
Thomson Reuters Corporation (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
