Doing business after BEPS
Tuesday, 4th of April, 2017, at the Athénée Palace Hilton Hotel in Bucharest, international and local consultants, alongside representatives of the business community and the local tax authorities, participated in „Doing Business After BEPS”, a business event organized by RSM Romania and the British Romanian Chamber of Commerce (BRCC), in partnership with ktMINE and Bureau Van Dijk. The event was dedicated exclusively to the topic of anti-BEPS actions proposed by the OECD (the Organization for Economic Cooperation and Development) to regulate cross-border transactions and to set a global tax standard.
The event was introduced by His Excellency, Mister Paul Brummell, the Ambassador of the United Kingdom of Great Britain and Northern Ireland, who underlined some of the most important implications of BEPS for the business community and for international taxation.
The event was followed by a professional workshop, on the topic of transfer pricing, and held for a limited group of participants. The workshop was delivered by Ken Almand (Head of Transfer Pricing, RSM UK), Enrique Rayon (Senior Manager, International Tax, Transfer pricing, RSM US), Luis Carrillo (Transfer Pricing Director, Bureau van Dijk) and Dan Schwartz (Managing Partner, RSM Romania).
With the OECD anti-Base Erosion Profit Shifting (BEPS) actions being implemented worldwide – Romania included – companies are now exposed to increased risks of investigation, tax liabilities, penalties, double taxation and reputational damage. Understanding the anti-BEPS actions will help businesses decide upon the most effective way to strategically approach the changes brought by this new tax paradigm.
The event featured keynote presentations and discussions on the topic of BEPS and its impact on the business community, lead by key professionals and representatives of the local tax authorities:
Monica Todose - Director, Transfer Pricing and advance ruling, ANAF (the
Romanian Inland Revenue Agency)
Ken Almand – Head of Transfer Pricing, RSM UK
Enrique Rayon – Senior Manager, International Tax, Transfer pricing, RSM US
Dan Schwartz – Managing Partner, RSM Romania
Luis Carrillo – Transfer Pricing Director, Bureau van Dijk
David R. Jarczyk – CEO, ktMINE
Charlie Crocker, Executive Director, BRCC, concluded: “The British Romanian Chamber of Commerce (BRCC) believe strongly in the consistent and correct application of BEPS and a transparent market place for all businesses and local tax authorities. For the BRCC this important event partnered with RSM on transfer pricing was a very good step in supporting this. The participation from ANAF and from International and local experts can only lead to a better understanding, compliance and business practices from and for all stakeholders.”
Ken Almand, Head of Transfer Pricing, RSM UK, said: “The attendees were really interested and switched on throughout the day. They asked questions, they stayed here for 9 hours, listening to us and interacting, which I think is a tribute to the organizers and also the line-up – the specialists we’ve had from around the world, from the US, from other parts of Europe, from the Tax Authority, from the British Chamber of Commerce. I think that led to a really valuable exchange of ideas and experience.”
Enrique Rayon, Senior Manager, International Tax, Transfer pricing, RSM US, said: “Doing business after BEPS is something that has been long awaited. Transfer pricing has always been accepted, but this new BEPS initiative has brought more clarity and more tools for companies to apply it to their inter-company transactions.”
Dan Schwartz, Managing Partner, RSM Romania, added: “The new approach on international taxation – proposed by the OECD and implemented, globally through the 14 anti-BEPS actions, and in the EU through Directive UE 206/1164 – is starting to impact the business community in ways that need to be both understood and managed. Through “Doing Business after BEPS”, RSM Romania and BRCC (the British Romanian Chamber for Commerce sought and successfully managed to contribute to a better understanding of the international business environment, given the new context. Both the RSM consultants and the NAFA representatives that were invited as guest speakers, came to the conclusion that although the anti-BEPS actions lead to an increase of compliance costs, they are necessary for imprinting on international taxation (and, thus, on international commerce as well) a more accurate and fairer distribution of tax implications.”
Ken Almand - TAX ISSUES CONCERNING MULTINATIONAL BUSINESSES IN 2017
Enrique Rayon & Luis Carrillo - Doing Business after BEPS: Practical strategies for managing Action 13
Monica Todose - Transfer Pricing - Romanian tax authority perspective
David Jarczyk - Doing Business After BEPS - ktMINE
Dan Schwartz -Doing Business After BEPS