The Organisation for Economic Cooperation and Development (OECD) today issued a release that updates the results of preferential regime reviews conducted by the “Forum on Harmful Tax Practices” (FHTP) in connection with Action 5* under the base erosion and profit shifting (BEPS) project.
*BEPS Action 5, Countering harmful tax practices more effectively, taking into account transparency and substance
Today’s OECD release lists the following updates:
Eleven new preferential regimes were identified since the last update, bringing the total to 175 regimes in over 50 jurisdictions considered by the FHTP since the creation of the inclusive framework. Of the 175 regimes: 31 have been changed; 81 require legislative changes (in progress); 47 have been determined to not pose a BEPS risk; four have harmful or potentially harmful features; and 12 are still under review.
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