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TAX & ACCOUNTING
BEPS in the GCC
The OECD’s Base Erosion and Profit Shifting (BEPS) initiative is transforming the global tax landscape. For a long time, multinational businesses have been able to take advantage of mismatching tax rules to artificially (but legally) shift profits to low- or no-tax locations. Unfortunately, this undermines the fairness and integrity of the global tax system. To tackle this problem, the OECD and G20 have set out 15 Actions that provide governments with the tools for change.
As the move towards greater tax transparency gains traction in the region, the GCC’s enterprises need to not only understand and meet all their regulatory compliance obligations locally, but also bring their tax strategies, processes and systems in line with international standards and laws.
This article explores how companies can update their tax management approaches and compliance strategies to achieve better transparency, compliance and cost control, no matter where in the world they do business.
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