Peer review report on BEPS Action 5 for 2017 released
The OECD has published a report on the peer review on the implementation of Action 5 of the BEPS Action Plan. The report released on 13th December, 2018 details the findings of the review done in 2017 which covers 92 jurisdictions.
Action 5 address issues around ‘harmful tax regimes’ that create an uneven playing field and its distortionary effects that lead to tax base erosion. It also requires jurisdictions to enhance transparency by ensuring exchange of information on tax rulings. According to the report, ‘All jurisdictions already have, or have undertaken steps to implement the necessary legal framework for spontaneous exchange of information on rulings for the year in review’.
CATA member countries covered in the report include Australia, Barbados, Belize, Brunei Darussalam, Cameroon, Canada, India, Isle of Man, Jamaica, Malaysia, Malta, Mauritius, New Zealand, Nigeria, Papua New Guinea, Seychelles, Sierra Leone, Sri Lanka, Trinidad and Tobago and the United Kingdom.