Base erosion and profit shifting (BEPS) is a tax avoidance strategy used by multinational companies, wherein profits are shifted from jurisdictions that have high taxes (such as the United States and many Western European countries) to jurisdictions that have low (or no) taxes (so-called tax havens). BEPS can be achieved through the use of "transfer mispricing" (contracting between subsidiaries in different jurisdictions at prices that are not arm's length). The term is used in a project headed by the OECD which produced detailed reports in September 2014 in response to seven actions agreed previously.