{"id":9876,"date":"2024-10-31T21:16:44","date_gmt":"2024-10-31T19:16:44","guid":{"rendered":"https:\/\/gls-law.company\/?p=9876"},"modified":"2024-10-31T21:18:21","modified_gmt":"2024-10-31T19:18:21","slug":"what-is-beps","status":"publish","type":"post","link":"https:\/\/gls-law.company\/en\/what-is-beps\/","title":{"rendered":"What is beps"},"content":{"rendered":"\t\t
\n\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

What is BEPS? Understanding the basics of international tax planning<\/strong><\/p>

BEPS (Base Erosion and Profit Shifting) is a global initiative aimed at combating tax base erosion and profit shifting. This project was launched by the Organization for Economic Co-operation and Development (OECD) and the Group of Twenty (G20) in response to the growing scale of aggressive tax planning, which allowed multinational companies to minimize their tax liabilities.<\/p>

BEPS: What is it and why is it important?<\/strong><\/p>

BEPS is a set of 15 actions, each aimed at eliminating opportunities for tax evasion. These actions include developing new standards for transfer pricing, improving the exchange of tax information between countries, and introducing stricter rules on taxation of the digital economy.<\/p>

The main objective of the BEPS plan is to ensure a fair distribution of taxes, where profits are taxed where they are generated and not where tax rates are minimal. This is important to maintain financial stability and fair competition, as well as to prevent countries from losing tax revenue.<\/p>

The BEPS plan: what is it and how does it work?<\/p>

The BEPS plan includes 15 key actions, each of which is aimed at solving specific problems:<\/p>

Economic essence of operations. Ensuring that taxation corresponds to the economic substance of transactions and not artificially created structures.
Digital economy. Developing approaches to tax the digital economy, which often does without a physical presence.
Pricing methods. Revising and updating transfer pricing rules to prevent price manipulation.
Clarity in the rules. Elimination of inconsistencies in international tax treaties that lead to double non-taxation.
How does the BEPS plan affect business?<\/p>

For businesses, the implementation of the BEPS plan means the need to review their tax strategies and structures. Companies must be ready for increased reporting and compliance with new international standards. This may require significant changes in their operations and internal controls.<\/p>

Impact on tax administrations<\/strong><\/p>

Tax administrations get additional tools to combat aggressive tax planning. They can use the data obtained through the automatic exchange of information to identify risks and more targeted inspections.<\/p>

Understanding BEPS and its impact on the global tax system is important for all participants in international business. This is a comprehensive initiative aimed at creating a fairer and more transparent taxation system. For companies striving to meet new standards, it is important to stay abreast of changes and adapt their strategies to meet new requirements.<\/p>

If you are interested in how the BEPS plan can affect your company and how to prepare for these changes, contact our experts for advice. Our experts will help you understand the new rules and adapt your tax strategy in accordance with international standards.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

What is BEPS? Understanding the basics of international tax planning BEPS (Base Erosion and Profit Shifting) is a global initiative aimed at combating tax base erosion and profit shifting. This project was launched by the Organization for Economic Co-operation and Development (OECD) and the Group of Twenty (G20) in response to the growing scale of […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-9876","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/gls-law.company\/en\/wp-json\/wp\/v2\/posts\/9876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gls-law.company\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gls-law.company\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gls-law.company\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/gls-law.company\/en\/wp-json\/wp\/v2\/comments?post=9876"}],"version-history":[{"count":4,"href":"https:\/\/gls-law.company\/en\/wp-json\/wp\/v2\/posts\/9876\/revisions"}],"predecessor-version":[{"id":9880,"href":"https:\/\/gls-law.company\/en\/wp-json\/wp\/v2\/posts\/9876\/revisions\/9880"}],"wp:attachment":[{"href":"https:\/\/gls-law.company\/en\/wp-json\/wp\/v2\/media?parent=9876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gls-law.company\/en\/wp-json\/wp\/v2\/categories?post=9876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gls-law.company\/en\/wp-json\/wp\/v2\/tags?post=9876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}