Aiming at fairer distribution of global taxing rights, in particular with respect to large multinational enterprises, the Organization for Economic Cooperation and Development (OECD) issued a statement on July 1, 2021 to redraw the framework for international tax reform, in order to address the base erosion and profit shifting (BEPS) challenges as the consequence of the digitalization of the global economy.

Commonly referred to as BEPS 2.0, the new framework endeavors to ensure a fairer distribution of taxing rights and to set a global minimum tax rate.

Being the most significant global tax reform within 100 years, this new framework will indispensably impact a wide range of large multinationals across the globe. Implications include:

• Major changes to where companies pay tax (pillar 1) and how much (pillar 2)
• Effect on the value of tax incentives and the IRR on investments
• Potential need for disclosures of sensitive commercial information to authorities to meet compliance requirements
• Increased tax authority scrutiny on documents generated by audit work, as well as on accounting and audit judgments – these become tax relevant in ways they were not before

These changes will drive demand for accounting and IT systems overhauls and accelerated moves to automation, to deal with the enhanced requirements on data collection and documentation. New corporate structures may need to be put in place to adapt to the new global rules, and to the tax changes that individual countries make in response to these.

KPMG China’s BEPS 2.0 taskforce, consisting of the firm’s sector and technology specialists, has been engaging closely with national tax policymakers on the BEPS 2.0 agenda in recent years. They are well placed to help companies think through these immense changes, and provide insights, guidance and systems support on the needed adaptation, as well as to access some of the new opportunities provided by the rules, including in dispute resolution mechanisms.

The European Chamber is delighted to invite Mr. Conrad Turley, Tax Policy Leader, KPMG Asia-Pacific, and Leader of the KPMG China Tax Department of Professional Practice (Tax DPP), Tax Partner and Ms. Sunny Leung, National Leader for International Tax, and National TMT Sector Tax Leader, to share the insights into how multinational corporations are affected and how to respond.

Due to limited seating on-site, please indicate in your registration in case you wish to join on-site.

Agenda

14:00-14:05 Opening Remarks

• Luyang Syvanen, National Membership Manager, European Chamber

14:05-14:35 BEPS 2.0

• Conrad Turley, Tax Policy Leader, KPMG Asia-Pacific, and Leader of the KPMG China Tax Department of Professional Practice (Tax DPP), Tax Partner

14:35-14:45 Practical Considerations for BEPS 2.0 Implementation

• Sunny Leung, National Leader for International Tax, and National TMT Sector Tax Leader

14:45-15:05 Q&A

15:05-15:30 Coffee Break

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For further information please contact Luyang Syvänen at lsyvanen@europeanchamber.com.cn.

Speakers

Ms. Sunny Leung

Tax Partner, National Leader for International Tax, National TMT Sector Tax Leader, KPMG Advisory (China) Limited

Ms. Sunny Leung

Tax Partner, National Leader for International Tax, National TMT Sector Tax Leader, KPMG Advisory (China) Limited

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Sunny started her career in New York in 1997. She joined KPMG New York office, Federal Tax practice in 2000 and provided U.S. tax compliance and advisory services to multinational companies.

Sunny joined KPMG Shanghai tax department in 2005. Since then, Sunny has been extensively involved in advising clients on routine operations in China, M&A transactions, pre-IPO restructuring, pre-IPO health check, cross-border supply chain planning, and various tax incentive applications. She has been providing PRC tax advisory and compliance services to domestic and multi-national companies in the consumer markets, TMT, as well as traditional manufacturing and service industries. Sunny has also been providing tax due diligence and general tax health check services in China.

Mr. Conrad Turley

Tax Partner, KPMG Asia-Pacific Tax Policy Leader, Leader of the KPMG China Tax Department of Professional Practice (Tax DPP), KPMG Advisory (China) Limited

Mr. Conrad Turley

Tax Partner, KPMG Asia-Pacific Tax Policy Leader, Leader of the KPMG China Tax Department of Professional Practice (Tax DPP), KPMG Advisory (China) Limited

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Conrad Turley is a tax partner at KPMG China. He is the KPMG Asia-Pacific Tax Policy Leader and also leads KPMG China’s tax policy and technical division, the Tax Department of Professional Practice (Tax DPP). Currently based in Beijing, Conrad previously worked for the European Commission Tax Directorate in Brussels, as well as for KPMG in Ireland, the Netherlands and Hong Kong.

Conrad works closely with a number of national Chinese government bodies on tax policy development, with a particular focus on the global tax reforms in BEPS 2.0. In parallel, Conrad takes a leading role in driving KPMG BEPS 2.0 efforts in the China, Asia-Pacific and global taskforces, as well as other global tax policy related initiatives. Conrad has advised on a wide range of China cross-border tax structuring arrangements, for global private-equity groups, foreign multinationals, and China outbound investing enterprises. In his current role leading the Tax DPP he oversees the provision of expert technical and policy support to client teams on complex and uncertain tax matters, including where these require consultation with the central government authorities.

Conrad has authored numerous publications for KPMG, and has contributed frequently to international tax and finance journals including the International Tax Review, Tax Notes International, BNA Tax Management Transfer Pricing Report, International M&A Review and the Asia-Pacific Journal of Taxation, as well as various IBFD publications. He is the author of several books, including a comprehensive text on the international tax system, published in English by the IBFD as A New Dawn for the International Tax System: Evolution from past to future and what role will China play? Conrad has presented extensively on international tax matters to clients, trade associations (e.g. Am Cham, EU Cham), tax authorities, and academic symposiums (e.g. International Fiscal Association), and has lectured on international tax at Renmin University in Beijing and at the University of Lausanne in Switzerland.

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