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The title is lengthy and unwieldy, but, as this translation, provided by the State Administration of Taxation shows, China’s ambitious tax reform, set out in 31 tasks, includes a focus on international tax cooperation and an explanation of what state and local tax authorities are responsible for and how they should work together. The goal is to establish a modern tax collection and administrative system by 2020.

On February 29, the Australian Parliament passed the Bill that will implement the Common Reporting Standard (CRS) for the automatic exchange of financial account information.

The Hong Kong Government recently gazetted a Bill which introduces a concessionary profits tax rate for qualifying corporate treasury centres (qualifying CTCs), new rules to deem certain interest income and other gains as Hong Kong-sourced and amendments to the existing interest deduction provisions to enable a deduction for interest on certain intra-group lending transactions.

Shaun Lucey and Ariana Kosyan provide a comprehensive review of the way financing and treasury functions will be affected by Actions 2, 4, 5, 6, 8, 9, 10, 13 and 15 of the BEPS Project.

Joost Vreeswijk and Ai-Leen Tan examine the impact that BEPS Action 7 will have on centralised operating models, and look at changes which multinationals should be considering to guard against exposure to the new rules.

Adam Eagers and Mark Bennett look at the impact BEPS has had on the M&A market and discuss the commercial and operational aspects of any changes for investors.

Channing Flynn and Stephen Bates discuss the specific issues related to profit shifting in the fast-changing digital economy.

Global tax rules are changing, and changing rapidly. The final reports on the Base Erosion and Profit Shifting (BEPS) Action Plan have been released by the Organisation for Economic Cooperation and Development (OECD) and endorsed by the G20. These reports on the 15 BEPS Action Points recommend significant changes in international tax laws and treaties. Due to the unique global alignment on the matter, BEPS is the most comprehensive change in international taxation in history. Attention has turned to the actions that are being taken by countries in response to these recommendations.

Sarah Churton, Ellis Lambert and Ian Dennis explain how the BEPS Action Plan is changing the tax landscape for intangible assets, and what this means for taxpayers.

Ronald van den Brekel and Tim Meijer analyse the compliance-related challenges which companies face, and how they can best allocate their resources to deal with them.