BEPS global update

EY’s Global Tax Alert provides a succinct summary of the latest BEPS (incentivized) developments around the world. A link to the Alert is provided for reference:

Overview of the Alert:

OECD: Documents re: initiative for automatic exchange of financial account information
Africa: Best Practice regional meeting to develop measures for countering BEPS
Australia: Exposure draft law re: transfer pricing documentation to be effective 1/1/2016
Brazil: Report to eliminate interest on net equity (INE) regime
Chile: Foreign residents are to provide a sworn statement to receive treaty benefits
Europe: TAXE Committee’s interim report re: tax rulings and BEPS related topics
Ireland: Knowledge development box
Italy: Patent box regime
Japan: Interest limitations
Korea: VAT re: electronic services
Luxembourg: EU Parent-Subsidiary Directive inclusions (anti-hybrid and anti-abuse clauses)
Saudi Arabia: Virtual Service PE
Spain: Patent box regime
The Alert highlights the continuous and frenzied pace of the BEPS measures, as well as the unilateral efforts that are mirroring the intent of BEPS, although not necessarily in a consistent and cohesive framework.