OECD reports progress on harmful tax practices

The OECD reports ‘tangible progress’ in its latest review of preferential tax regimes against the BEPS Action 5 standard. Of the 164 regimes reviewed in the last 12 months:

·        99 require action;

·        93 of these have already completed or initiated the required changes;

·        56 regimes do not pose a BEPS risk; and

·        nine regimes are still under review, due to circumstances such as the impact of the recent hurricanes on certain Caribbean jurisdictions.

‘These outcomes demonstrate that the political commitments of members of the inclusive framework are rapidly resulting in measurable, tangible progress,’ said Pascal Saint-Amans, director of the OECD Centre for Tax Policy and Administration. ‘The jurisdictions concerned are already working to address the harmful tax practices in their preferential regimes. In fact, countries have already changed or are changing almost 95% of the regimes where action is needed.’

See http://bit.ly/2yRAJlu.