Bloomberg Interviews Elan Keller on OECD's Action Plan on Base Erosion and Profit Shifting
NEW YORK, Sept. 19, 2014 /PRNewswire/ -- Caplin & Drysdale's Elan P. Keller spoke with Bloomberg BNA concerning the Organization for Economic Cooperation and Development (OECD) issuance of the first seven components of its Action Plan on Base Erosion And Profit Shifting (BEPS). "It's impressive what they've managed to accomplish. In theory, they've laid out potential solutions to hybrid instruments and taxing where value is added," said Mr. Keller. He further noted that "the overall plan has the benefit of forcing governments to think about tax on a global level, rather than just provincially."
"The question is going to be, in reality will governments actually pass legislation which is consistent with the action plan," he said, "and are there going to be any unintended consequences of that legislation that need to be further vetted?". For example, said Mr. Keller, the country-by-country reporting template in Action 13 is a concern.
"I'm not convinced that they've considered the taxpayer privacy arguments to the full extent that they need to. The template forces transparency, but with very little protection, or safeguards, for individuals or companies' information."
Mr. Keller remarked "the OECD needs to more closely consider the deliverables' specific recommendations on preventing tax treaty abuse (Action 6) and hybrid mismatch arrangements (Action 2)." For example, "they make recommendations to eliminate hybrid mismatch opportunities. Are they thinking about what the knock-on effects of those are going to be?" said Mr. Keller.
About Elan P. Keller
Elan P. Keller is a Member in Caplin & Drysdale's Corporate, Business & Transactional Tax, International Tax, Tax Controversies practice groups in the firm's New York office. Clients seek his advice on matters involving tax due diligence and structuring cross-border and domestic M&A transactions; the U.S. aspects of inbound and outbound operations; transfer pricing; corporate restructurings, reorganizations and distributions; capital markets and structured finance transactions; infrastructure and leasing transactions; and oil, gas, energy, and natural resource transactions. Mr. Keller can be reached at 212.379.6030 or [email protected].
About Caplin & Drysdale
For half a century, Caplin & Drysdale has been a leading provider of a full range of tax, tax controversy, and related legal services to companies, organizations, and individuals throughout the United States and around the world. With offices in New York City and Washington, D.C., the firm also provides counseling on matters relating to bankruptcy, creditors' rights, political activity, exempt organizations, complex litigation, employee benefits, private client services, corporate law, and white collar defense. For more information, please visit us at www.caplindrysdale.com.
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