Asia, which has been the most important growth engine for several years, will continue to play the role with an estimated 5.5 per cent growth in 2017. In the context of changing global tax landscape, tax issues like corporate tax competition, cross-border, legal tax avoidance and illegal tax evasion have gained prominence. “Gaps in domestic tax systems have created opportunities for enterprises to exploit loopholes,” Indonesia’s Finance Minister Mulyani Indrawati said at the conference. She called on other nations to upgrade old rules and develop new ones to tackle international tax challenges and suggested an automatic exchange of information for tax purposes. However, Furusawa warned that while BEPS was important, it does not address all international tax issues – especially some that are most relevant for developing countries such as the indirect transfer of assets.

Source: Viet Nam News July 12, 2017 14:19 UTC