OECD: Continued progress on harmful tax practices
New conclusions on five regimes as part of the implementation of the BEPS Action 5
New conclusions on five regimes as part of the implementation of the BEPS Action 5
The Organisation for Economic Cooperation and Development (OECD) issued a release describing continued progress on the implementation of the international standard on harmful tax practices.
According to the OECD release, the OECD Forum on Harmful Tax Practices (FHTP) reached new conclusions [PDF 200 KB] on five regimes as part of the implementation of the BEPS Action 5 minimum standard on harmful tax practices.
- Three regimes are abolished (one for Aruba and two for San Marino).
- One regime was amended to be in line with the standard and is now not harmful (Jordan).
- One regime is now in the process of being amended (Albania).
In addition, the release states that the FHTP will soon commence its annual monitoring of substantial activities requirements for no or only nominal tax jurisdictions and review any new and outstanding regimes of Inclusive Framework members. Furthermore, the FHTP is currently undertaking its seventh annual peer review of the BEPS Action 5 transparency framework.
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