Bloomberg BNA, a subsidiary of the Bloomberg business news empire, has unveiled a tool it says has been designed to enable international tax professionals to quickly determine the status of a country’s response to the OECD’s Base Erosion and Profit Shifting (BEPS) action plan, in order to ensure that their work on behalf of their clients is as correct as possible.
With this tracking tool, “practitioners have the latest information on countries’ proposed and final changes to tax laws and regulation”, Bloomberg BNA said, in announcing the introduction of what it calls the “BEPS Tracker”.
The Organization for Economic Cooperation & Development released its final BEPS Action Plan in October. This package of new regulations will, Bloomberg and others point out, introduce major changes in how countries tax multinational corporations, which is expected to add to the burden tax practitioners and corporate tax departments face in staying up-to-date with the latest rates and other technical details.
What’s more, Bloomberg BNA notes, different countries are interpreting the OECD guidance differently, potentially adding to the challenge for tax practitioners who are trying to stay on top of the changes.
The BEPS Tracker is part of what Bloomberg BNA calls its Premier International Tax Library, which provides access to tax treaties of nearly 200 countries and jurisdictions around the world.
For more information on the BEPS Tracker scheme, click here.