New Commitment by the G7 and Release of Implementation Package for Country-by-Country Reporting

In a communiqué released at the end of the annual summit that was held in June 7 and 8 in Elmau (Germany), the G7 reaffirmed its commitment to the Base Erosion and Profit Shifting (BEPS) Project pursued by the Organization for Economic Co-operation and Development (OECD).

The OECD launched the BEPS project in July 2013, at the request of members of the G20. The objective of the BEPS project is to eradicate situations where benefits are not taxed in the jurisdiction in which the economic activities that led to these benefits took place, resulting in a shift of profit toward countries where the tax rate is low. According to the OECD, these situations are possible because national tax rules are not suited for the new economic realities, and have a negative impact on the equity and integrity of the tax system.

Your Raymond Chabot Grant Thornton advisor can help you determine which measures apply to your business and can help you undertake the necessary steps to use them.