OECD: New inclusive framework, 80+ countries at BEPS meeting

OECD: New inclusive framework, BEPS meeting

The Organisation for Economic Cooperation and Development (OECD) today reported representatives of more than 80 countries and jurisdictions are gathering in Japan, 30 June - 1 July, to consider updating international tax rules pursuant to the base erosion and profit shifting (BEPS) project.

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As noted in the OECD release, this meeting inaugurates the new inclusive framework on BEPS implementation. Thirty-six countries and jurisdictions have already formally joined the new inclusive framework on BEPS, and have committed to implement the BEPS package, bringing the number of countries participating on an equal footing to 82. At the meeting, participants have started to address the standard-setting on remaining issues including:

  • Transfer pricing and interest deductibility
  • Development of practical guidance to support consistent, global implementation of their commitments to the BEPS package
  • Implementation of the four minimum standards arising from the BEPS project—harmful tax practices, tax treaty abuse, country-by-country reporting and dispute resolution mechanisms 

During the meeting in Japan, five countries—Argentina, Curacao, Georgia, Korea, and Uruguay—have signed the multilateral competent authority agreement for the automatic exchange of country-by-country reports. 

The OECD also released a report [PDF 222 KB] Discussion draft: Report on Effective Capacity Building on Tax Matters in Developing Countries 

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