PwC’s annual tax conference, held in London in May, considered how asset managers are affected by the OECD’s initiative to tackle tax avoidance, Base Erosion Profit Shifting, and similar regional and local tax initiatives being adopted.
The collaboration between over 100 countries to tackle tax Base Erosion and Profit Shifting (BEPS) did not begin with the asset and wealth management sector particularly front of mind. Nevertheless, the reforms to both domestic and international regulation that the BEPS initiative has prompted absolutely do have an impact on the industry. In 2018, every asset manager with overseas operations needs to be thinking about their activities in the context of BEPS.
