As we navigate through this global crisis, one of the few certainties is that tax policy will play an important role in the immediate response of governments to support individuals and businesses, as well as in future rounds of policy action, including to rebuild our economies, which will ultimately take place once the health crisis has been contained.
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.
Domestic resource mobilisation is a priority as a means to increase national capacity to finance the SDGs. Taxes are already the largest single source of financing, and have the potential for growth. As while the average level of taxes in developing countries remains low, countries have shown capacity to expand their revenues.
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 work on BEPS Action 14 continues with today's publication of the eighth round of stage 1 peer review reports. Each report assesses a country's efforts to implement the Action 14 minimum standard as agreed to under the OECD/G20 BEPS Project.
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Part I reports on the activities in the OECD's international tax agenda, in particular the progress made in addressing the tax challenges arising from the digitalisation of the economy. It also provides an update on G20 tax deliverables including tax transparency, implementation of BEPS measures & capacity building to support developing countries. Part II reports on the activities of the Global Forum.
As part of the Inclusive Framework’s work relating to the tax challenges arising from the digitalisation of the economy, the OECD has been carrying out an economic analysis and impact assessment of the Pillar 1 and Pillar 2 proposals. Please join a live webcast with experts from the OECD to learn more about this work, which will include a presentation of preliminary results on the revenue and investment effects of the proposals.
New economic analysis shows that a proposed solution to the tax challenges arising from the digitalisation of the economy under negotiation at the OECD would have a significant positive impact on global tax revenues.
The report is significant because it is the first time the OECD Transfer Pricing Guidelines include guidance on the transfer pricing aspects of financial transactions, which will contribute to consistency in the interpretation of the arm’s length principle and help avoid transfer pricing disputes and double taxation.
As part of the ongoing work of the OECD/G20 Inclusive Framework on BEPS (Inclusive Framework), the OECD invites public comments on the Review of the BEPS Action 13 minimum standard.