The Institute of Chartered Accountants of India (ICAI) taken a significant step in addressing the challenges posed by Base Erosion and Profit Shifting (BEPS) with the release of the second edition of the “Technical Guide on BEPS Action Plans and Multilateral Instrument (MLI)”.
This Technical Guide aims to provide a comprehensive overview of the BEPS Action Plans and the Multilateral Instrument, offering tax professionals, policymakers, and other stakeholders a detailed roadmap for understanding, adopting, and implementing these critical measures.
The guide delves into the intricacies of each BEPS Action, elucidating their objectives, mechanisms, and implications for domestic and international taxation.
In the ever-evolving landscape of international taxation, BEPS has emerged as a transformative force, prompting the need for innovative solutions. Governments and tax authorities worldwide are grappling with the intricacies of a globalized economy, leading to the development of the Multilateral Instrument (MLI). The ICAI’s Direct Taxes Committee (DTC) has undertaken the commendable project of revising the Technical Guide, providing valuable insights into BEPS Action Plans and MLI.
The second edition of the technical guide is meticulously structured to cater to professionals at various levels of expertise. It offers both introductory overviews and in-depth analyses, covering fundamental aspects of BEPS, its impact on international taxation, and the practical implications of the Multilateral Instrument. The publication serves as a comprehensive resource, addressing the challenges faced by stakeholders and policymakers in a rapidly changing global economic scenario.
The release of this edition is attributed to the dedication and efforts of CA. Sanjay Kumar Agarwal, Chairman, CA. Piyush S. Chhajed, Vice-Chairman, and all members of the Direct Taxes Committee. The collaborative effort of the team involved in the project, including CA. PVSS Prasad, author of the guide, and Sri S. P. Singh, Ex-IRS, who reviewed the book, deserves commendation.
CA. Aniket S. Talati, President, and CA. Ranjeet Kumar Agarwal, Vice President of ICAI, provided essential guidance and support for the publication. The efforts of CA. Mukta Kathuria Verma, Secretary, Direct Taxes Committee, and the entire team in bringing out this publication within a short span are duly appreciated.
The ICAI expresses hope that this Technical Guide on BEPS Action Plans and the Multilateral Instrument will serve as a valuable companion in promoting fair, transparent, and sustainable international tax practices. The collaboration fostered through the implementation of these measures is expected to contribute to a more equitable global tax environment, fostering economic growth and cooperation among nations.
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