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{
    "id": 1409836,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1409836/?format=api",
    "text_counter": 619,
    "type": "speech",
    "speaker_name": "Kikuyu, UDA",
    "speaker_title": "Hon. Kimani Ichung’wah",
    "speaker": null,
    "content": "Base erosion and profit shifting (BEPS) refers to tax planning strategies mostly utilised by multinationals that operate in different countries in the world. They take advantage of or exploit gaps and mismatches in tax regimes or rules from one jurisdiction to another in order to shift their profits to low or no tax locations where there is little or no economic activity for those companies. For instance, if I am operating in Kenya, Ireland, Seychelles or the United States of America (USA), but I discover that I can shift or transfer profits to Ireland where I have an office to enjoy tax reliefs, I can utilise such provisions to avoid paying tax. It is a form of tax avoidance. The Convention that we are ratifying today is a multilateral treaty or agreement that relates to the implementation of tax treaty related measures to prevent base erosion and profit shifting, commonly referred to as MLI, that the Chairperson was speaking to. The Group of Twenty (G20) countries and countries that are part of the Organisation for Economic Co-operation and Development (OECD), together with many advanced and developing countries and regional tax bodies, worked together to develop new rules and processes to strengthen the international tax system and, therefore, tackle this problem of tax avoidance. That group of countries is known as the Inclusive Framework on BEPS. Kenya"
}