Participants at the seminar on the implementation of a BEPS action plan (Photo: VNA)Khanh Hoa (VNA) – Representatives of the 21 APECeconomies have agreed to cooperate in preventing base erosion and profitshifting (BEPS) at a seminar on the implementation of a BEPS action plan in NhaTrang city.
The function, wrapping up on February 22, waschaired by the General Department of Taxation under the Vietnamese Ministry ofFinance.
Participants discussed opportunities andchallenges and shared experience in implementing anti-BEPS measures in the APECeconomies, with attention paid to the four BEPS minimum standards, the BEPSImplementation Forum, and the Multilateral Instrument for BEPS tax treatymeasures (MLI).
They showed their full awareness of theimportance of BEPS prevention and BEPS’s impacts on the fairness andeffectiveness of international taxation systems.
Statistics show that 76 percent of the APECmembers have joined the BEPS Implementation Forum, and this participationprovides the economies which are not OECD members or G20 countries with achance to be involved in global efforts against cross-border tax avoidance.
Meanwhile, the MLI was built with a view tofacilitating the amendment to existing bilateral tax treaties so as to carryout related tax measures within the framework of the BEPS initiative.
About 40 percent of the double-taxationavoidance agreements belong to the APEC economies, and 19 percent of theseeconomies have confirmed that they will sign the MLI this June, which isbelieved to be a foundation for the implementation of the BEPS action plan in2017, when Vietnam is the APEC Chair.
A BEPS action plan was completed and is set tobe included in a report of the meeting of APEC deputy finance ministers andcentral bank deputy governors on February 23. It will be reported to the APECfinance ministers at their meeting slated for this October.-VNA
VNA
