Deloitte Bermuda hosted a roundtable for senior financial leaders of Bermuda businesses on key aspects of BEPS and its impact on Bermuda.
There is growing concern around the world about tax planning by multinational enterprises, that makes use of gaps in the interaction of different tax systems to artificially reduce taxable income or shift profits to low-tax jurisdictions in which little or no economic activity is performed.
As a direct result of these discussions, in June 2013, the OECD published its Action Plan on Base Erosion and Profit Shifting (BEPS). With specific mention of reinsurance and captive arrangements, BEPS is of particular interest to Bermuda-based business leaders.
Deloitte’s roundtable centred around what Bermuda based business leaders should do to act on BEPS, timeline and implementation. The panel also discussed how BEPS will affect transfer pricing strategy, and the impact of BEPS on corporate models.
Hosted by Deloitte Bermuda tax leader James Dockeray, the Roundtable featured global tax policy leader Albert Baker and UK insurance tax practice leader David Clissitt.
Mr Baker and Mr Clisitt have delivered similar events worldwide to professionals across multiple industries.