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Drafters of the new base erosion and profit shifting (BEPS) actions and precision watchmakers share a common wish; that their immeasurable efforts devoted to refining and juxtaposing complex parts result in an instrument that is respected and trusted around the world.

Pfizer’s $160 billion acquisition of Allergan shows that highly-mobile American companies are still looking to “self-help” action such as inversion as the US tax code fails them on competitiveness.

Work on Action 4 identified three key areas of risk that must be addressed to protect countries from BEPS involving interest, say Mark Johnson and Oliver Petzold.

Pascal Saint-Amans and Grace Perez-Navarro comment on the impact the work on the BEPS Action Plan has made over the past two years and thank the staff of the Centre for Tax Policy and Administration (CTPA) at the OECD for their efforts.

The BEPS package was unveiled on October 5 2015 and endorsed by the G20 finance ministers at their meeting a few days later in Lima and by the G20 leaders at their November summit in Antalya. A little more than two years earlier, the OECD and G20 countries embarked on a significant re-write of the international tax rules to ensure that profits are taxed where economic activities are carried out and value is created. The BEPS package comprises reports on each of the 15 actions identified in the BEPS Action Plan, which was released in July 2013 and on the basis of which the BEPS Project was launched in September of that year. In this overview article David Bradbury, Achim Pross, Marlies de Ruiter, and Raffaele Russo take stock of what has been achieved over the last two years and look to the new challenges ahead. The following articles contain a detailed overview of each of the 15 actions.

Jesse Eggert, Liz Chien, and Eric Robert explain why the digital economy cannot be ring-fenced for tax purposes.

John Peterson emphasises that common and coordinated action will be critical to the success of efforts to tackle cross-border hybrid mismatches.

With the final deadlines for the OECD’s BEPS Project falling at the end of this year, 2016 was always going to be a year dominated by questions about implementation. While BEPS-related activity is not the only issue on the horizon, that alone will ensure multinationals are kept busy over the next 12 months. Joe Stanley-Smith and Matthew Gilleard look through the peephole to analyse taxpayer hopes, fears and expectations for the year ahead.

Matthew Gilleard introduces this exclusive, comprehensive insight into the work of the OECD in the area of countering tax base erosion and profit shifting (BEPS). Within these covers you will find out about the key messages delivered under each of the OECD’s 15 Actions, direct from the individuals responsible for putting each aspect of the project together.

GST on e-commerce is coming to New Zealand New Zealand's November Taxation Bill has introduced a draft law which will impose GST on digital goods and services from October 1 2016.