New peer review assessments on tax dispute resolution released (MAP – BEPS Action 14)
Despite the significant disruption caused by the ongoing COVID-19 pandemic and the necessity to hold all meetings virtually, work has continued with the release on Tuesday 13 September 2022 of the Stage 2 peer review monitoring reports regarding the minimum standard to improve the resolution of tax-related disputes between jurisdictions (BEPS Action 14) for Aruba, Bahrain, Barbados, Gibraltar, Greenland, Kazakhstan, Oman, Qatar, Saint Kitts and Nevis, Thailand, Trinidad and Tobago, ...
Tax transparency moves forward as twelve no or only nominal tax jurisdictions began their first exchange information on the substance of entities
On Wednesday 31 March 2021, twelve no or only nominal tax jurisdictions began their first tax information exchanges under the Forum on Harmful Tax Practice’s (FHTP) global standard on substantial activities. The standard ensures that mobile business income can no longer be parked in a low tax jurisdiction without the core business functions being carried out from that jurisdiction and that the countries where the parent entities and beneficial owners ...
OECD invites taxpayer input on tenth batch of dispute resolution peer reviews. Tenth batch includes the stage 1 peer review of Aruba
The OECD is now gathering input for the tenth batch of Stage 1 dispute resolution peer reviews, according to a press release on the website of the OECD. This tenth batch includes the peer review of Aruba. From the press release: Improving the tax treaty dispute resolution process is a top priority of the BEPS Project. The Mutual Agreement Procedure (MAP) peer review and monitoring process under Action 14 of ...
OECD releases latest results on preferential regimes and new results on no or only nominal tax jurisdictions
Progress continues on implementing the BEPS Action 5 minimum standard, with a further 22 jurisdictions changing their laws to address harmful tax practices. On 19 July 2019, the Inclusive Framework on BEPS approved the latest results of reviews of jurisdictions' domestic laws conducted by the OECD Forum on Harmful Tax Practices (FHTP). The review covered not only preferential tax regimes, but the results of the review of the substantial activities ...
OECD clamps down on CRS avoidance through residence and citizenship by investment schemes
Residence and citizenship by investment (CBI/RBI) schemes, often referred to as golden passports or visas, can create the potential for misuse as tools to hide assets held abroad from reporting under the OECD/G20 Common Reporting Standard (CRS), the OECD expresses in the press coverage dated 16 October 2018 following the publication of the results of its analysis of over 100 CBI/RBI schemes offered by CRS-committed jurisdictions. From the press coverage: In particular, Identity ...