In the light of the worsening global impacts of Covid-19 on individual taxpayers, businesses and the wider economy, the OECD Forum on Tax Administration (FTA) has today published a global reference document setting out actions that FTA tax administrations are currently taking to support taxpayers.
Progress continues with the implementation of the BEPS package, as the OECD releases the second peer review assessing countries’ efforts to implement the Action 6 minimum standard as agreed under the OECD/G20 BEPS Project.
Comprised of 34 Global Forum members, the Automatic Exchange of Information Peer Review Group (APRG) held its first meeting on 16-18 March 2020 to discuss key issues in ensuring that jurisdictions are putting in place what is required to deliver an effective AEOI Standard, as well as how the recent developments in relation to Covid-19 might impact expectations.
OECD Tax Policy Reviews: Seychelles 2020 provides an in-depth and comparative assessment of Seychelles’ tax system, and identifies a number of recommendations for tax reform. This publication, which is part of the OECD Tax Policy Reviews series, focused primarily on the examination of the business tax.
Today, San Marino deposited its instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS) with the OECD’s Secretary-General, therewith underlining its strong commitment to prevent the abuse of tax treaties and BEPS by multinational enterprises. For San Marino, the MLI enters into force on 1 July 2020.
On 6 Feburary 2020, interested parties were invited to provide comments on the Review of the BEPS Action 13 minimum standard. The OECD is grateful to the commentators for their input and now publishes the public comments received.
The Global Forum on Transparency and Exchange of Information for Tax Purposes visited the Headquarter of the African Development Bank (AfDB) on 3-4 February 2020 to discuss the tax transparency agenda in Africa.
On 28 February, Portugal deposited its instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS) with the OECD’s Secretary-General, therewith underlining its strong commitment to prevent the abuse of tax treaties and BEPS by multinational enterprises. For Portugal, the MLI enters into force on 1 June 2020.
The Global Forum and the Italian Revenue Agency carried out an onsite visit in Tirana to assist Albania with the implementation of the international standard of automatic exchange of financial account information (AEOI).
Today, the OECD released IT-formats and guidance to support the technical implementation of the OECD Treaty Relief and Compliance Enhancement (TRACE) initiative, as well as to facilitate the wider use of the OECD Common Transmission System (CTS) for the exchange of information between tax administrations.