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OECD unveils proposals to curb corporate tax avoidance
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| Contributor | RP |
| Last Edited | RP Sep 17, 2014 09:03am |
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| Category | Proposed Legislation |
| Author | Tom Bergin |
| Media | News Service - Reuters |
| News Date | Tuesday, September 16, 2014 05:50:00 PM UTC0:0 |
| Description | New international tax rules proposed on Tuesday could eliminate structures that have allowed companies such as Google Inc (GOOGL.O) and Amazon.com Inc (AMZN.O) to shave billions of dollars off their tax bills.
The Organisation for Economic Cooperation and Development (OECD) announced a series of measures that, if implemented by members, could stop companies from employing many commonly-used practices to shift profits into tax havens.
Corporate tax avoidance has become a hot political topic following media coverage and parliamentary investigations into the arrangements many big companies use to cut tax bills.
For more than 50 years, the OECD’s work on international taxation has been focused on ensuring companies are not taxed twice on the same profits. The fear was that this would hamper trade and limit global growth.
Over the years, the OECD has formulated a standardised model tax treaty which allows countries to split taxation rights and avoid double taxation, partly by providing reliefs from measures intended to stop tax avoidance, such as withholding taxes.
But companies have been using such treaties to ensure profits are not taxed anywhere. |
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