Global tax reform emerging from BEPS Action Plan

On October 9, 2015, the US Treasury Department announced that the US formally accepts deliverables from the G-20/OECD base erosion and profit shifting (BEPS) project that addresses international rules governing the taxation of company profits. According to the US Treasury Department, the Country-by-Country (CbC) Report template is expected to be very similar to what was released in the BEPS final package on October 5, 2015. It is anticipated that temporary regulations will be released to implement CbC Reports in the US for tax years beginning January 1, 2016. The announcement follows the pattern of international tax reforms (and proposals for reform) that have emerged around the world. To read more, click the link below.