The OECD inclusive framework on BEPS has approved a new process for the BEPS Action 5 peer review of the transparency framework for the years 2021 to 2025 in order to maintain and improve transparency on tax rulings.
The new peer review process includes enhanced terms of reference for assessing the implementation of the minimum standard and a streamlined methodology for adopting a risk-based approach towards the peer reviews.
The new process builds on the first phase of peer reviews covering the years 2017 to 2020 with the most recent statistics gathered from peer reviewed jurisdictions showing that 36,000 exchanges of over 20,000 tax rulings have taken place. The latest peer review found that 81 jurisdictions are fully compliant with the Action 5 minimum standard.
Peer reviews are part of the monitoring process to ensure accurate implementation of the four BEPS minimum standards covering the following:
The OECD inclusive framework on BEPS has approved a new process for the BEPS Action 5 peer review of the transparency framework for the years 2021 to 2025 in order to maintain and improve transparency on tax rulings.
The new peer review process includes enhanced terms of reference for assessing the implementation of the minimum standard and a streamlined methodology for adopting a risk-based approach towards the peer reviews.
The new process builds on the first phase of peer reviews covering the years 2017 to 2020 with the most recent statistics gathered from peer reviewed jurisdictions showing that 36,000 exchanges of over 20,000 tax rulings have taken place. The latest peer review found that 81 jurisdictions are fully compliant with the Action 5 minimum standard.
Peer reviews are part of the monitoring process to ensure accurate implementation of the four BEPS minimum standards covering the following: