Will the Panama Papers Have Enduring Effects on BEPS?

In the last week, the Panama Papers have created serious repercussions around the world with many political figures leaving their positions.

Both the OECD and the G20 have indicated their intent to implement measures to address this issue.

The OECD recently stated:

“A special project meeting of the Joint International Tax Shelter Information and Collaboration (JITSIC) Network took place at the OECD in Paris on Wednesday 13 April, bringing together senior tax administration officials from countries worldwide to discuss opportunities for obtaining data, co-operation and information-sharing in light of the “Panama Papers” revelations.

Participants from a number of countries – including members of the OECD and the G20 – exchanged views on the Panama Papers and explored mechanisms for co-operation.

Follow-up will be ensured by each tax administration, in accordance with its own domestic laws and regulations as well as information-sharing agreements that governments have in place between them. The discussions are confidential and the OECD is not privy to any taxpayer specific information.”

OECD Secretary-General Angel Gurría also stated that “concrete actions needed to advance global tax transparency” in a recent report to the G20 available here: http://www.oecd.org/tax/concrete-actions-needed-to-advance-global-tax-transparency.htm

What if BEPS was only just the first step in an ever-increasing litigious and uncertain international tax world ?

Robert Robillard, Ph.D., CPA, CGA, Adm.A., MBA, M.Sc. Econ., M.A.P.
Senior Partner, DRTP Consulting Inc.
514-742-8086; robertrobillard “at” drtp.ca
www.drtp.ca

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