Consensus on conscience: Are we moving towards a fairer int’l tax system?

In the aftermath of the latest global financial crises, government have sought to recoup lost revenue through tax reform. This has put the spotlight on the issue of gaps in the current international taxation system that created opportunities for Base Erosion and Profit Shifting (BEPS) schemes. Simply put, BEPS are tax planning strategies that exploit the weaknesses of the architecture of the international tax system to artificially shift profits to places where there is little or no real economic activity, but where the taxes are lower or nil, resulting in little or no overall corporate tax being paid.