Mark Cawthron LLB CTA, tax specialist at Croner-i, examines the developments in the OECD’s framework package on base erosion and profit shifting (BEPS) over the 12 months to June 2018 and the progress that has been made in the UK's approach to the 'digital challenge'
The OECD/G20 Inclusive framework on BEPS progress report was published in July 2018. It contains an excellent round-up of developments in the BEPS package over the 12 months to June 2018.
This article provides a summary of these developments, per the report; alongside this, the article also refers to the main corresponding initiatives or progress, at both EU and UK levels, with the aim of providing a more complete picture with respect to such matters.
Major developments
In its opening ‘Overview’, the Report noted three major developments in the BEPS Project during the year in question. These were:
•delivery to the G20 Finance Ministers in March 2018 of an interim report, Tax challenges arising from digitalisation, ‘taking stock of the issues and agreeing to work on a consensus-based long-term solution’;
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