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Government’s paper on the BEPS project is welcome

Government’s paper on the BEPS project is welcome

The Chartered Institute of Taxation (CIOT) welcomes the publication by the Government today of a paper on the UK priorities for the G20-OECD project for countering Base Erosion and Profit Shifting (BEPS).

Glyn Fullelove, Chairman of the CIOT’s International Taxes Sub-Committee, commented:

“It is very helpful that the Government has made a significant contribution to the debate around BEPS issues through publishing its views on the matters identified by the OECD.

“The OECD BEPS process is now well under way, with a number of papers for consultation already published.

“We would anticipate the BEPS process will eventually lead to changes in UK tax law, and the earlier the debate around the changes needed is begun, the greater the chance of effective and proportionate change being the result.”

 


 

Notes to editors:

1.       The Government today published a paper setting out the Government’s views on the 15 action points identified by the global tax community as being areas to address and which are now being considered by the OECD through its BEPS project.  This can be found here.

2.       The CIOT is engaged with the BEPS process and has submitted a response on the first action point addressed by the OECD on Transfer Pricing Documentation and Country by Country Reporting.  Our response can be found here.

3.       In the past week the OECD has published consultation documents on two further action points – Tax Treaty Abuse and Hybrid Mismatch Arrangements.  These can be found here and here.

4.       The Chartered Institute of Taxation

The Chartered Institute of Taxation (CIOT) is the leading professional body in the United Kingdom concerned solely with taxation. The CIOT is an educational charity, promoting education and study of the administration and practice of taxation. One of our key aims is to work for a better, more efficient, tax system for all affected by it – taxpayers, their advisers and the authorities. The CIOT’s work covers all aspects of taxation, including direct and indirect taxes and duties. Through our Low Incomes Tax Reform Group (LITRG), the CIOT has a particular focus on improving the tax system, including tax credits and benefits, for the unrepresented taxpayer.

The CIOT draws on our members’ experience in private practice, commerce and industry, government and academia to improve tax administration and propose and explain how tax policy objectives can most effectively be achieved. We also link to, and draw on, similar leading professional tax bodies in other countries.  The CIOT’s comments and recommendations on tax issues are made in line with our charitable objectives: we are politically neutral in our work.

The CIOT’s 17,000 members have the practising title of ‘Chartered Tax Adviser’ and the designatory letters ‘CTA’, to represent the leading tax qualification.