Govt fast-tracks implementation of BEPS rules

Finance Ministry today said it is prioritising implementation of certain Base Erosion and Profit Shifting (BEPS) measures and industry should work towards accepting the global taxation norms for multinationals.
"Industry should start working towards BEPS readily, in order to keep up with the upcoming changes. The objective of the BEPS project is to prevent strategies to shift profits and review the whole system of International taxation. It is aimed at domestic resource mobilisation", CBDT Joint Secretary Akhilesh Ranjan said.
He said BEPS rules are going to change the way business is done.
"Both OECD and the Indian Government believe that BEPS is going to change the way business is done. This is the right time to look closely at the BEPS reports and structure our transactions accordingly", Ranjan said while speaking at a CII event on BEPS implementation.

The OECD/G20 project on BEPS provides governments with solutions for closing the gaps in existing international rules that allow corporate profits to artificially shift to low or no-tax environments, where little or no economic activity takes place.
Ranjan said that to implement provisions of BEPS "internal groups have been set up to prioritise measures that need to be implemented now and those which can be postponed".