G20 Foundation Publications Australia 2014 - Page 20

20 TRADE & FINANCE TRADE & FINANCE Delivering the international tax system of the future, together OECD Secretary General Angel GurrΓ­a and Pascal Saint-Amans, director of the Centre for Tax Policy and Administration present the fi rst recommendations under the OECD/G20 Base Erosion and Profi t Shifting Project that period, to maximize the benefits to all. These plans should include two key focal points: β–  Greater investment into tax administration: The focus on the international tax regime is going to result in more situations where countries initially disagree with how profits are allocated cross- border. From a business perspective, it will be important that these disagreements be resolved quickly, so that focus can remain on the business rather than dealing with disagreements between governments. To this extent, the BEPS project needs to be followed with greater investment in resources for tax administrations to support the Mutual Agreement Procedure and arbitration. β–  Commitments to consistent implementation: Inconsistent implementation is also a key source of risk. Published plans for implementation will help ensure that changes are clearly communicated. The tax world has been actively following the G20/ OECD Base Erosion and Profit Shifting (BEPS) project since it was first suggested. As the project moves forward, all stakeholders need to keep in mind a number of crucial points. The resulting proposals and tax architecture should recognise the needs of all parties. To date, there has been extensive consultation and the BEPS papers have been amended in response to some of businesses’ concerns. 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