Belarus to accede to BEPS action plan – ordinance
<p> MINSK, Oct 23 - PrimePress. Belarus will accede to the BEPS action plan (Tax Base Erosion and Profit Shifting) developed in 2012 within the Organisation for Economic Cooperation and Development (OECD) with the active support of the G20 countries. </p> <p> </p> <p> Belarus will make the move in line with Council of Ministers’ Resolution № 590 of October 12, 2020, the Baker Tilly Bel audit firm said in a comment. </p> <p> </p> <p> BEPS provides for international cooperation in the fight against tax evasion and the development of a set of recommendations to for governments to implement in their national legislation. It is a question of changing the taxation regulations, mainly with regard to international transactions, in order to eliminate the possibility of “aggressive tax planning schemes” used by companies to divert revenues fr om countries wh ere they are received to low-tax or zero-tax countries. </p> <p> </p> <p> At the initiative of the OECD, any country can join the BEPS Inclusion Group, i.e. join its implementation. At present, the group includes about 130 countries, including Russia and Kazakhstan. </p> <p> </p> <p> The BEPS Action Plan consists of 15 items. Each of them details a specific tax problem and proposes solutions that can be implemented in countries’ legislation and international treaties between them. </p> <p> </p> <p> The group commits to follow the BEPS minimum standard, which includes the implementation of the components of the BEPS plan, such as actions 5 (countering harmful tax practices), 6 (preventing tax treaty abuse), 13 (country reports) and 14 (resolution of disputes). </p> <p> </p> <p> Belarusian legislation has already implemented some of the elements of the BEPS, in particular, transfer pricing control (Chapter 11 of the Tax Code), "thin capitalization" rules. (Article 172 of the Tax Code), the principle of "primary purpose" (Article 33 (4) of the Tax Code). As the BEPS plan is implemented, rules for taxation of controlled foreign companies and automatic exchange of tax information with other countries may be added. End </p>
2020-10-24
Primepress
Belarus to accede to BEPS action plan – ordinance
MINSK, Oct 23 - PrimePress. Belarus will accede to the BEPS action plan (Tax Base Erosion and Profit Shifting) developed in 2012 within the Organisation for Economic Cooperation and Development (OECD) with the active support of the G20 countries.
Belarus will make the move in line with Council of Ministers’ Resolution № 590 of October 12, 2020, the Baker Tilly Bel audit firm said in a comment.
BEPS provides for international cooperation in the fight against tax evasion and the development of a set of recommendations to for governments to implement in their national legislation. It is a question of changing the taxation regulations, mainly with regard to international transactions, in order to eliminate the possibility of “aggressive tax planning schemes” used by companies to divert revenues fr om countries wh ere they are received to low-tax or zero-tax countries.
At the initiative of the OECD, any country can join the BEPS Inclusion Group, i.e. join its implementation. At present, the group includes about 130 countries, including Russia and Kazakhstan.
The BEPS Action Plan consists of 15 items. Each of them details a specific tax problem and proposes solutions that can be implemented in countries’ legislation and international treaties between them.
The group commits to follow the BEPS minimum standard, which includes the implementation of the components of the BEPS plan, such as actions 5 (countering harmful tax practices), 6 (preventing tax treaty abuse), 13 (country reports) and 14 (resolution of disputes).
Belarusian legislation has already implemented some of the elements of the BEPS, in particular, transfer pricing control (Chapter 11 of the Tax Code), "thin capitalization" rules. (Article 172 of the Tax Code), the principle of "primary purpose" (Article 33 (4) of the Tax Code). As the BEPS plan is implemented, rules for taxation of controlled foreign companies and automatic exchange of tax information with other countries may be added. End