Three More Nations Commit To BEPS Minimum Standards

A further three countries have committed to participate in international base erosion and profit shifting discussions and implement minimum standards, under the OECD’s new “inclusive framework” for countries.

The OECD confirmed on January 6 that the three territories are: Bermuda, Côte d’Ivoire, and Kazakhstan. This brings the total number of countries and jurisdictions participating in the project as Associates to 94.

As members of the framework, they have committed to implementing the minimum standards put forward by the OECD on BEPS. These are on: harmful tax practices, tax treaty abuse, country-by-country reporting, and dispute resolution mechanisms. The members of the framework will also pay an annual fee.

The framework was announced by the OECD in February 2016 to allow all interested jurisdictions to contribute equally to future work on BEPS and on monitoring the implementation of BEPS measures.