The European Commission presented today an Action Plan to fundamentally reform corporate taxation in the EU. The Action Plan sets out a series of initiatives to tackle tax avoidance, secure sustainable revenues and strengthen the Single Market for businesses.
The measures to be developed complement the work carried out in the OECD/G20 BEPS Project, whose outputs are expected to be presented to the G20 in October 2015.
The OECD will continue to work with the Commission on the implementation of anti- Base Erosion and Profit Shifting (BEPS) measures, thus ensuring a fairer and more equitable tax system.
OECD Secretary-General Angel Gurría welcomed the release of the EU action plan and congratulated the Commission: "The European Commission’s initiative is another major step towards international co-operation in the fight against tax evasion and avoidance. The political impetus and support for establishing a fairer international tax system is overwhelming. Initiatives like the Commission’s action plan will help foster a co-ordinated implementation of the measures developed in the course of the OECD/G20 BEPS Project. A globalised economy needs single global standards”.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.