Dr. Jim Stewart:

It is very difficult to know.

I would also echo the previous speaker's statement that the BEPS project is not magic. It introduces a lot of complexities into the tax system. It makes what is already complex even more complex. There is also emphasis on exchange of information. Something has to be done with that information and there is a problem that revenue authorities in different countries may suffer from information overload. How can they deal with all the information on rulings and coming under country-by-country reporting so that they can use it in a particular way? There are greater chances of reform coming from the European Union rather than the OECD. In particular, under changes in US Administration, the US may become more hostile to the OECD process and may also engage in rather protective practices in tax, trade and other policies.