The Organisation for Economic Cooperation and Development (OECD) today announced the release of the first “peer reviews”—analysis of efforts by Belgium, Canada, the Netherlands, Switzerland, the United Kingdom, and the United States—on implementation of the base erosion and profit shifting (BEPS) minimum standards for improving tax dispute resolution mechanisms.
As reported in today’s OECD release, there are six peer review reports that represent the first evaluation of how countries are implementing new minimum standards agreed under the BEPS project. A focus has been on improving the mutual agreement procedure (MAP), that has resulted in a new minimum standard for tax treaty-related disputes to be resolved in a timely, effective and efficient manner (Action 14). This minimum standard is complemented by a set of best practices. In addition to implementing the Action 14 minimum standard, countries have committed to have their compliance with this standard reviewed and monitored by their peers.
The six reports include over 110 recommendations relating to the minimum standard. In the second stage of the peer review process, each jurisdiction’s efforts to address any shortcomings identified in its first stage peer review report will be monitored. The OECD release reports that the six countries “performed well” in various MAP areas:
The OECD noted areas for improvements include:
Read an October 2017 report [PDF 77 KB] prepared by the KPMG member firm in Canada
© 2018 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.