The
project targets large multinational corporations such as Amazon,
Apple and Google
The
Organization for Economic Cooperation and Development (OECD) approved
a new set of measures Monday which seek to stop tax evasion by
multinational corporations.
The new
measures could cost companies such as Amazon, Apple or Google,
between US$100-240 million in taxes.
Meeting in
Lima, Peru, the OECD – which comprises of 62 countries –
discussed the impact of tax evasion and reviewed the plan entitled
Base erosion and profit shifting project (BEPS), which aims to tackle
the transfer of profits to tax havens.
The project
also addresses issues such as the value added tax in online
transactions and implements domestic law changes between countries to
impede tax deduction and exemptions from allowing hybrid tax evasion
mechanisms.
“We are
not so naïve as to think that tax evasion is over. But this plan
will revert the trend,” explained Pascal Saint-Amans of the OECD's
Centre for Tax Policy and Administration.
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