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A Mountain in Labour: What will be the practical impact of BEPS for treasurers?

What will be the practical impact of BEPS for treasurers?

PwC regulatory update

by David Ledure, International Tax and Transfer Pricing Director, PwC Brussels

“A mountain had gone into labour and was groaning terribly. Such rumours excited great expectations all over the country. In the end, however, the mountain gave birth to a mouse.”

Phaedrus (Aesop’s Fables, Perry Index, 520)

The OECD’s project on ‘Base erosion and profit shifting’ (BEPS) is entering its last phase. When the OECD launched its ambitious 15 action points in July 2013, it aimed to repair many cracks in the international tax system. A lot of these action points focused on multinationals’ treasury activities. The OECD labels them as ‘portable activities’ which would make them instrumental for tax planning purposes. Since then, the OECD has published a number of papers. But the question remains - will BEPS give birth to an elephant or a mouse?