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:
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