FERMA report named BEPS Initiative of the Year
The Federation of European Risk Management Associations (FERMA) is honoured and proud to have received the BEPS Initiative Award of the year at the European and UK Captive Awards 2017 for its information paper Guidelines for BEPS on captive (re)insurance arrangements. The winners were announced at a dinner in London on 10 October organised by the publication Captive Review.
The information paper clarifies the role of captives as a risk management tool and promotes consistency in the way BEPS principles will be applied to captives by national authorities. It combines the work of experts and contributions from FERMA’s member associations. FERMA believes that if the cost of compliance makes captives less attractive, European enterprises would lose important risk bearing capacity that supports their resilience.
Judges’ comments: The judges were impressed by the extensive work completed by FERMA to produce a substantial series of captive guidelines for national tax authorities to consider when implementing the OECD recommendations on Base Erosion and Profit Shifting (Beps). FERMA has provided strong and vocal leadership on Beps and has seemingly established a constructive relationship with the OECD.
A version of the paper for the corporate world and risk management community will be released at the FERMA Forum starting on Sunday 15 October in Monte Carlo.
Captives in a Post-BEPS World is the first in a series of FERMA Perspectives, technical books which will give risk managers materials for discussion with senior management on topical issues.