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TAXSUTRA CONCLAVE 2015
OCTOBER 16, 2015THE OBEROI, GURGAON
INTERNATIONAL TAX POLICY – THE EVOLVING LANDSCAPE
Session Details
Guest of Honor – Dr Parthasarathi Shome (Chairman ITRAF and Former Advisor
to Finance Minister, India)
Panelists Marlies de Ruiter (Head of Tax Treaty, TP & Financial Transactions Division, OECD) William Morris (Director, Global Tax Policy, GE) P V Srinivasan (Former Head of Tax, Wipro) Ashutosh Dikshit (Of Counsel, BMR & Associates LLP and Former Joint Secretary (Tax
Policy & Legislation)
Moderator – Mukesh Butani (Partner, BMR Legal) Page 2
International Tax Policy – The Evolving Landscape
G20/ OECD project on Base Erosion and Profit Sharing (BEPS) – addressing
tax avoidance, ensuring fairness and protecting revenue bases
Rules for Intangibles and the Digital Economy – economic activity
Automatic Exchange of Tax Information (AEOI) – promoting tax
transparency
The future landscape for international tax policy
Page 3
International Tax Policy – BEPS and Tax Avoidance (1/2)
Preventing Treaty Abuse Limitation on Benefits (LOB)
‘Principal Purpose’ Test (PPT)/ General Anti-Avoidance Rules (GAAR)
Strengthening Permanent Establishment (PE) norms
Strengthening Transfer Pricing Rules and Documentation – Country by Country
(CbC) reporting, Master files and local files
Eliminating base erosion caused by ‘double non-taxation’ arrangements and
excessive debt financingPage 4
International Tax Policy – BEPS and Tax Avoidance (2/2)
Disclosure of ‘aggressive’ tax planning arrangements
Harmful Tax Competition Exchange of Taxpayer Specific Rulings
Preferential IP regimes to be based on substantial activity
Page 5
International Tax Policy – Digital Economy
Digital Economy transforming the world – poses tax challenges for preventing
BEPS
Impact of human intervention and concept of preparatory and auxiliary
activity
New business models – Source and Rules
Taxing Intangibles Strengthening PE norms and TP Rules
Preventing the creation of ‘patent boxes’ without nexus with economic activityPage 6
International Tax Policy – Exchange of Information
Agreement on Automatic Exchange of Financial Account Information –
Common Reporting Standard (CRS) for all financial institutions
Inter-Governmental Agreements with USA-Foreign Account Tax Compliance
Act – exchange of information on financial accounts
Addresses tax evasion and offshore financial assets – supplements India’s
Black Money Law
Page 7
International Tax Policy – The Future Landscape
Multilateral Instrument to implement BEPS in 2017 – expediting the tax
treaty process
Building capacity: Information flow from multiple sources – maintaining
taxpayer confidentiality
Higher compliance burden for business – will business get greater tax
certainty and reduced tax disputes in return?
Page 8
International Tax Policy – Takeaways (1/2)
BEPS project – Impressive output in a limited timeframe with strong political
consensus
Need for consensus – Developing & developed and Governments & business
Multilateral Instrument – A new procedure for tax treaties?
Consensus on norms for addressing the Digital Economy still elusive
Exchange of Information – A substantial improvement over existing
processes
Page 9
International Tax Policy – Takeaways (2/2)
MNEs – Adapting to new developments on reporting, documentation and
substance requirement in treaties – impact on ETR
Tax Administrations – Building capacity to utilize the new opportunity
Page 10
Speaker Contacts
Name E-mail
Dr Parthasarathi Shome [email protected]
Marlies de Ruiter [email protected]
William Morris [email protected]
P V Srinivasan [email protected]
Ashutosh Dikshit [email protected]
Mukesh Butani [email protected]
Page 11
DISCLAIMER: This presentation has been prepared by BMR Legal and provides general information existing as at the time of preparation and reflects personal views of the panel members. The presentation is only meant for panel discussion at Taxsutra Conclave 2015. No responsibility for loss arising to any person acting or refraining from acting as a result of any material contained in this presentation will be accepted by organisers and/ or panel members and/ or the firm . This presentation does not substitute the need to refer to the original pronouncements.
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