Regulatory Compliance Association Reviews

Understanding and Preparing for BEPS™

Practice Edge 02

Date: February 9, 2016
General Session: 12 Noon to 1:30 PM EST
Location: Webcast (Free)

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Base Erosion and Profit Shifting (BEPS) is designed to give countries the tools they need to ensure that profits are taxed where the economic activities generating the profits are performed.

Starting in the fiscal year 2016, multinationals will face a significant increase in their transfer pricing compliance burden, as well as a new global visibility into their overall transfer pricing structures. MNEs will be required to provide a three levels of reporting:

    • a master file of information about the company’s global operations and entities
    • a country-by-country report of the company’s operations, with financial statistics by tax jurisdiction and legal entity and
    • local files, each composed of the material transactions and transfer pricing analysis for each entity in the company’s global organization.

BEPS creates a common reporting standard where jurisdictions will automatically exchange information. This sharing of information will force multinationals to provide consistent information globally. BEPS
will encourage multinationals to centralize entity related information, processes and workflows to assure accurate and timely reporting to the jurisdictions in which they operate.

BEPS will force companies to provide an unprecedented level of tax transparency. Many companies do not have the people or processes in place to efficiently gather and document all the required data. This
session will discuss the objectives of BEPS, the reporting requirements and what companies need to do to prepare for BEPS.

Students will master the following at the conclusion of this session:

  • Define BEPS Overview
  • Recognize the Calendar for Enforcement
  • Identify and Apply Reporting Requirements:
  • Country by Country Report
  • Master File
  • Local File
  • What do you need to do to prepare for BEPS

Session Chairman:

Walter Zebrowski, JD, CPA, Principal, Hedgemony Partners
Chairman, Regulatory Compliance Association

Senior Fellow from Practice:

Rudy Escalante, Chief Executive Officer, ICSA Software North America

Guest Lecturers:

Steven Rees Davies, Partner, Corporate, Appleby
Michael Plowgian, JD, Principal, Washington National Tax, KPMG
Burcin Nee , Principal, Global Transfer Pricing Services, KPMG