Mandatory disclosure of tax avoidance schemes to fight against “base erosion and profit sharing” (BEPS) - Tan Woon Hum

Woon Hum Tan of Shook Lin & Bok

Feb 7, 2019

Tan Woon Hum, Partner, Head of Trust, Asset & Wealth Management Practice at Shook Lin & Bok discusses mandatory disclosure of tax avoidance schemes to fight against “base erosion and profit sharing”.

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1. Mandatory disclosure of tax avoidance schemes to fight against “base erosion and profit sharing”

Video transcript

1. Mandatory disclosure of tax avoidance schemes to fight against “base erosion and profit sharing”

BEPS is the next bad word, right? It’s Base Erosion Profit Shifting, started a couple of years ago and it is coming into full force. So practically, in short, it looks at a very obvious shift of profit, revenue-generating, profit-generating organisations and entities into a jurisdiction which is low tax or tax-free. This is frowned upon, especially by the OECD, and they are actively looking at this. So we need to educate our clients and our people that this is here, and that going forward it’s here to stay, so they have to very, very careful when they choose a tax haven or a tax-free jurisdiction in terms of either wealth planning, wealth transition, corporate organisation, M&A, or acquisitions in general. This is going to be something that is a game changer.

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