The Organisation for Economic Cooperation and Development (OECD) announced a second series of peer reviews for BEPS Action 5 and released the initial two batches of BEPS Action 14 peer reviews. These are part of the streamlined mutual agreement procedure (MAP) review process.

Inclusive Framework Members make further progress in addressing harmful tax practices

The OECD on 27 August 2024, announced that jurisdictions have made further progress in addressing harmful tax practices through the implementation of the international standard under BEPS Action 5, as evidenced by today’s release of the latest results of the reviews by the Forum on Harmful Tax Practices (FHTP) of preferential tax regimes.

At its May 2024 meeting, the FHTP reached the following new conclusions on six regimes as part of the implementation of the BEPS Action 5 minimum standard on harmful tax practices in Armenia, Bulgaria, Croatia, Eswatini, and Hong Kong.

The total number of regimes reviewed by FHTP has now reached 326, with over 40% of those regimes being (or in the process of being) abolished.

Action 5 Report is one of the four BEPS minimum standards. Each of the four BEPS minimum standards is subject to peer review to ensure timely and accurate implementation and thus safeguard the level playing field. All members of the Inclusive Framework on BEPS commit to implementing the Action 5 minimum standard and commit to participating in the peer review.

OECD/G20 Inclusive Framework on BEPS shows progress in making dispute resolution more effective and in improving tax transparency through Country-by-Country reporting

On 16 September 2024, the OECD announced the publication of 20 Stage 1 BEPS Action 14 peer reviews under the streamlined MAP review process.

The new Assessment Methodology for the Action 14 peer reviews includes both a simplified peer review process, for jurisdictions that do not have ‘meaningful MAP experience’, and a full peer review process, for jurisdictions considered to have ‘meaningful MAP experience’.

Work on this new process for continued monitoring is now well underway, with the release today of 20 new peer review reports under the simplified process for the following jurisdictions (Stage 1 Batches 1 & 2): Albania, Antigua and Barbuda, Belize, Botswana, Colombia, Cook Islands, Costa Rica, Dominican Republic, Egypt, Jamaica, Jordan, Lithuania, Mauritius, Nigeria, North Macedonia, Pakistan, Serbia, Seychelles, Sri Lanka, and Zambia.