22/06/2017 - Over 200 delegates from 83 countries
and jurisdictions as well as 12 international and regional organisations met in
Noordvijk, The Netherlands for the Third Meeting of the Inclusive Framework on
Base Erosion and Profit Shifting (BEPS). The meeting welcomed Viet Nam as its newest and 100th member and
discussed and approved its first monitoring report, which will be submitted to
G20 Leaders for their summit to be held on 7-8 July 2017 in Hamburg. The report
highlights the progress that has been achieved since the Inclusive Framework first met in Kyoto in June
2016. The meeting also approved the release of discussion drafts on Attribution of
Profits to Permanent Establishments and Transactional Profit Splits.
Furthermore, as part of continuing efforts to boost
transparency by multinational enterprises (MNEs), Belize, the Cayman Islands,
Colombia, Haiti, Pakistan, Singapore and the Turks and Caicos Islands signed
the Multilateral Competent Authority Agreement for Country-by-Country
Reporting (CbC MCAA), bringing the total number of signatories
to 64.
The CbC MCAA is an efficient mechanism that allows
signatories to bilaterally and automatically exchange Country-by-Country
Reports with each other, as contemplated by Action 13 of the BEPS Action Plan. It will help ensure
that tax administrations obtain a better understanding of how MNEs structure
their operations, while also ensuring that the confidentiality and appropriate
use of such information is safeguarded. At present, over 800 bilateral exchange
relationships have been put in place for the exchange of Country-by-Country
Reports.
At the same time, the United States concluded a
further set of bilateral competent authority arrangements for the automatic
exchange of Country-by-Country Reports. It now has arrangements in place with
Canada, Denmark, Guernsey, Iceland, Ireland, Korea, Latvia, the Netherlands,
New Zealand, Norway, the Slovak Republic and South Africa, thereby reaffirming
the strong commitment of the United States to start the automatic exchange of
Country-by-Country Reports in 2018. The United States Competent Authority
continues to negotiate with a significant number of jurisdictions and
anticipates concluding additional competent authority arrangements in the
immediate future.
At the signing ceremony, Singapore also signed
the Multilateral Competent Authority Agreement for the Common
Reporting Standard (CRS MCAA), re-confirming its commitment to
implementing the automatic exchange of financial account information pursuant
to the OECD/G20 Common Reporting Standard (CRS) in time to commence exchanges
in 2018. Singapore is the 92nd jurisdiction to sign the CRS MCAA.
The meeting also discussed the toolkits under
development by the Platform for Collaboration on Tax, including the toolkit on Comparables released today.
Finally, the meeting also included a special
session with representatives from TUAC, the BIAC Tax Committee, and civil
society.
Media queries should be directed to Pascal
Saint-Amans, Director of the OECD Centre for Tax Policy and
Administration (CTPA) or the CTPA Communications Team.
Media item from OECD web site -
