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BEPS standards adoption grows

More governments have brought their preferential tax regimes in line with the OECD/G20 standards to improve the international tax framework.

The Inclusive Framework on Base Erosion and Profit Shifting (BEPS), which brings together over a 100 countries and jurisdictions to collaborate on the implementation of the OECD/ G20 BEPS Package, has updated the results for preferential regime reviews conducted by the Forum on Harmful Tax Practices (FHTP) in connection with BEPS Action 5, which is one of the four BEPS minimum standards relating to transparency and preferential tax regimes.

The updated results found:

  • Four new regimes were designed to comply with FHTP standards, meeting all aspects of transparency, exchange of information, ring fencing and substantial activities and are found to be not harmful (Lithuania, Luxembourg, Singapore, Slovak Republic).
  • Four regimes were abolished or amended to remove harmful features (Chile, Malaysia, Turkey and Uruguay).
  • A further three regimes do not relate to geographically mobile income and/or are not concerned with business taxation, as such posing no BEPS Action 5 risks and have therefore been found to be out of scope (Kenya and two Viet Nam regimes).

Eleven new preferential regimes were identified since the last update, bringing the total to 175 regimes in over 50 jurisdictions considered by the FHTP since the creation of the Inclusive Framework.

Of the 175, 31 regimes have been changed; 81 regimes require legislative changes which are in progress; 47 regimes have been determined to not pose a BEPS risk; 4 have harmful or potentially harmful features and 12 regimes are still under review.

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