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New BEPS working party will look at CFCs

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Accountancy firm Deloitte has reported that on 1 October, the tax committee of the Business and Industry Advisory Committee (BIAC) to the OECD had a meeting with the OECD to discuss the ongoing base erosion and profit shifting (BEPS) project. The work is being carried out by two of the OECD’s working parties: Working Party 1, which is dealing with tax treaties, and Working Party 6, which is dealing with transfer pricing and intangibles.

A new working party, Working Party 11, has been set up to cover interest, controlled foreign companies, hybrids and harmful tax measures; it will hold its first meeting in November. There is also a digital taskforce which will report directly to the Committee on Fiscal Affairs. The first consultations will take place in spring 2014, but, according to Deloitte, several of the proposed actions are not expected to materialise until the end of 2014. The OECD will hold its consultation meeting on 12–13 November.