Following The Organisation for Economic Co-operation and Development’s (OECD’s) unveiling of their recommendations to tackle Base Erosion and Profit Shifting (BEPS), will we see a radical overhaul of international taxation?

International tax rules clearly need to be stripped down and rebuilt for the world we live in and this was the Action Plans aim. It may be some time before genuine clarity over acceptable tax planning emerges, so it is vital that businesses understand the potential risks and are able to justify their decisions.

The immediate priority is to consider how your current tax arrangements will come across under the much greater level of transparency and judge how comfortable you are with this. The way the reporting rules are set up mean that even with relatively straightforward tax affairs you could find yourself in the firing line.

There may also be some opportunities. In particular, the new rules are likely to create a more even playing field over tax strategy and cost. Greater international harmonisation would in turn mean fewer cross-border issues to contend with.

Here are the latest developments and how they could impact you.