Gregory Campbell – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Gregory Campbell on 2016-01-11.

To ask Mr Chancellor of the Exchequer, what recent assessment he has made of progress in implementing the OECD Base Erosion and Profit Shifting Action Plan.

Mr David Gauke

The G20 Leaders endorsed the package of measures developed under the ambitious G20/OECD Base Erosion and Profit Shifting (BEPS) project at the Antalya Summit, 15-16 November 2015.

The UK has already taken action to implement two of the internationally agreed BEPS outputs with domestic legislation to introduce country-by-reporting and rules to address hybrid mismatches.

Several BEPS outputs need to be implemented through changes to double tax treaties. Over 90 countries are working with the OECD to develop a Multilateral Instrument, which will simultaneously update their bilateral treaties. The UK chairs the group, which is scheduled to complete its work by the end of 2016.

The G20 has called on the OECD to develop a framework by early 2016 to monitor the implementation of the BEPS project globally involving all countries that commit to implement the BEPS outputs.