BEPS Recipe #1
This recipe is designed to produce a practical, workable tax strategy for your business post BEPS
Preparation time: Typically 2-3 hours
You will need:
- A whiteboard
- Tea or coffee (several cups)
- Existing tax strategy and transfer pricing documents
- Summary of the BEPS Action plans (from OECD or other reputable website)
- Relevant tax or finance team colleagues
- External BEPS specialist (optional)
- A cake, beer or glass of wine (or all three!)
Method
- Map and list all of your international tax structures and transactions on the whiteboard (you may have to do this in stages).
- Match the structures and transactions with the BEPS outcomes. Some people take the 15 BEPS Action Plans one by one and relate to their facts and circumstances. Others prefer to focus on their issues (such as group financing) and see how the outcomes impact them.
- Colleagues and specialist can challenge and provide insight to the process.
- Record the issues identified, noting any priority areas and issues that require further review. Remember this is a high level analysis.
- Record Action points, produce timeframe and plan for taking matters forward.
Serve
- Inform stakeholders that the BEPS issue is under control.
- Reward yourself with the cake/ beer/wine.
