The OECD has published new Stage 2 peer review reports evaluating the progress made by 13 jurisdictions in implementing recommendations resulting from their Stage 1 peer reviews under BEPS Action 14 (minimum standard to improve the resolution of tax-related disputes between jurisdictions). The reports consider developments in the period 1 January 2020 to 31 October 2021.
Highlights of the report include:
The Multilateral Instrument was signed during the period by Bahrain, Barbados, Kazakhstan, Oman, Qatar, Thailand, United Arab Emirates and Viet Nam, and ratified by all of those jurisdictions with the exception of Viet Nam.
Aruba, Bahrain, Gibraltar, Greenland, Qatar, Thailand and United Arab Emirates now have a documented bilateral notification/consultation process which they apply in cases where an objection is considered as being not justified by their competent authority.
Barbados, Greenland, Oman, Qatar, Thailand and Viet Nam have added more personnel to the competent authority function and/or have made organisational improvements to improve the way they are able to deal with mutual agreement procedure (MAP) cases.
Aruba, Barbados, Qatar, Thailand, United Arab Emirates and Viet Nam closed MAP cases within the target time of 24 months.
The OECD notes that the Action 14 peer review process for all reviewed jurisdictions under the current assessment methodology has now been completed.
The OECD has published new Stage 2 peer review reports evaluating the progress made by 13 jurisdictions in implementing recommendations resulting from their Stage 1 peer reviews under BEPS Action 14 (minimum standard to improve the resolution of tax-related disputes between jurisdictions). The reports consider developments in the period 1 January 2020 to 31 October 2021.
Highlights of the report include:
The Multilateral Instrument was signed during the period by Bahrain, Barbados, Kazakhstan, Oman, Qatar, Thailand, United Arab Emirates and Viet Nam, and ratified by all of those jurisdictions with the exception of Viet Nam.
Aruba, Bahrain, Gibraltar, Greenland, Qatar, Thailand and United Arab Emirates now have a documented bilateral notification/consultation process which they apply in cases where an objection is considered as being not justified by their competent authority.
Barbados, Greenland, Oman, Qatar, Thailand and Viet Nam have added more personnel to the competent authority function and/or have made organisational improvements to improve the way they are able to deal with mutual agreement procedure (MAP) cases.
Aruba, Barbados, Qatar, Thailand, United Arab Emirates and Viet Nam closed MAP cases within the target time of 24 months.
The OECD notes that the Action 14 peer review process for all reviewed jurisdictions under the current assessment methodology has now been completed.
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