The Organisation for Economic Cooperation and Development (OECD) today announced a proposal for broadening participation in the base erosion and profit shifting (BEPS) project. The proposal will be presented to the Finance Ministers of the G20 countries at a 26-27 February 2016 meeting.
According to the OECD release, the proposed new forum would allow all interested countries and jurisdictions to participate as “BEPS associates” and to work on an equal footing with the OECD and G20 member countries on the remaining standard-setting under the BEPS project, as well as the review and monitoring of the implementation of the BEPS package.
The focus will be on implementation of four BEPS minimum standards—addressing harmful tax practices; tax treaty abuse; country-by-country reporting requirements for transfer pricing; and improvements in cross-border tax dispute resolution.
“BEPS associates” would also work to support implementation of the BEPS package, particularly in developing countries. If the proposal is endorsed by the G20 at the Finance Ministers meeting later this week, the new framework will hold its first meeting in Kyoto, Japan in June 2016.
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