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By Oliver R. Hoor and Sébastien Labbé*, KPMG Luxembourg
On 12 February 2013, the OECD released a 90 page report detailing the outcome of their Base Erosion and Profit Shifting (BEPS) work (the “Report”). The Report provides a comprehensive analysis of the current tax environment and considers how BEPS may be addressed. While the Report does not prescribe specific measures to combat BEPS, it suggests that significant changes to established tax principles are required which could have major implications for international taxation.
I. Introduction
The Report has been released during a period of intense criticism of the corporate tax practices of multinationals which have been publically accused of artificially shifting profits from high...
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