OECD BEPS Actions – Are you ready?

Vertex welcomed a dozen executives of local companies to its Berwyn Campus Thursday morning for a roundtable discussion on Data Transparency and the OECD. The meeting, part of The Philadelphia Alliance for Capital and Technology (PACT) Technology Executives Roundtable (TER) series, was hosted by John Viglione and Chris Kohl along with Vertex tax thought leaders Bernadette Pinamont and David Deputy. CIOs, CFOs and CEOs explored the impact of emerging topics in global taxation and the requirements for financial and tax data transparency, focusing on the OECD developments of Country-by-Country (CbC) reporting and Base Erosion and Profit Shifting (BEPS) activities by tax authorities. The discussion was robust, with many companies exploring the impact to themselves and the trends overall. Vertex is a member of PACT and both John and Chris are active participants in their technology programs.

Oct 01 2015 PACT BEPS Round Table at Vertex

“Show me in which countries your company does business. The revenue, income and taxes paid in each country for all goods, both digital and physical, sold to related and unrelated parties. And by the way, we want to share this data with all countries so the entire world can see it.”

The Organization for Economic Cooperation and Development (OECD), which is comprised of over 30 countries accounting for over 60% of world GDP, finalized Country-by-Country (CbC) reporting on October 5, 2015, evoking just such a scenario. CbC reporting (Action 13) is part of a larger program known as the Base Erosion and Profit Sharing (BEPS) – an initiative comprised of fifteen components, or “Actions” defining an unprecedented level of data transparency associated with global tax revenue.

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