OECD: Exchange of information on tax rulings under BEPS Action 5
The latest peer review assessments for 131 jurisdictions in relation to the compulsory spontaneous exchange of information on tax rulings.
Exchange of information on tax rulings under BEPS Action 5
The OECD/G20 Inclusive Framework on base erosion and profit shifting (BEPS) today released the latest peer review assessments for 131 jurisdictions in relation to the compulsory spontaneous exchange of information on tax rulings.
According to the OECD release, this is the seventh annual peer review of the implementation of the BEPS Action 5 minimum standard on tax rulings that aims to provide tax administrations with the necessary information concerning their taxpayers to efficiently tackle tax avoidance and other BEPS risks.
The 2022 Peer Review Reports on the Exchange of Information on Tax Rulings indicates that over 54,000 exchanges of information have taken place in respect of the over 24,000 tax rulings that have been identified.
The new peer review results show that 100 jurisdictions are fully in line with the BEPS Action 5 minimum standard, with the remaining 31 jurisdictions received a total of 58 recommendations to improve their legal or operational framework to identify the relevant tax rulings and exchange information. The feedback given by Inclusive Framework members under this peer review process and in earlier years has allowed several jurisdictions to revise their processes and improve the clarity and quality of the information exchanged.
The Inclusive Framework will continue to pursue progress in this area, with the next annual peer review for the year 2023 focusing on actions taken by jurisdictions to respond to remaining recommendations.
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