• Register
Return to: Home > News > The Former Yugoslav Republic of Macedonia joins inclusive framework

The Former Yugoslav Republic of Macedonia joins inclusive framework

The Former Yugoslav Republic of Macedonia (FYROM) becomes the 117th jurisdiction to join the Inclusive Framework on BEPS (IF).

IF was developed after a call from G20 Leaders to the OECD to develop a more inclusive framework with the involvement of interested non-G20 countries and jurisdictions. This was following the release of the BEPS package in 2015.

FYROM’s involvement with the IF aims to facilitate the implementation of agreed minimum standards, as well as the peer review processes and will provide the FYROM with further support.

The IF is engages developing countries with the international tax agenda as they have a heavy reliance on corporate income tax, particularly from multinational enterprises.

Monitoring, review and standard setting

The developed IF allows interested countries and jurisdictions to work with OECD and G20 members in order to develop standards on BEPS related issues and review and monitor the implementation of the whole BEPS package.

Members of the inclusive framework will develop a monitoring process for the four minimum standards which include;

•             Action 5: Countering Harmful Tax Practices More Effectively, Taking into Account Transparency and Substance

•             Action 6: Preventing the Granting of Treaty Benefits in Inappropriate Circumstances

•             Action 13: Transfer Pricing Documentation and Country-by-Country Reporting

•             Action 14: Making Dispute Resolution Mechanisms More Effective

 Additionally members will be able to put in place the review mechanisms for other elements of the BEPS package.

Membership to the BEPS

In order to become a member, the country or jurisdiction interested will need to commit to the BEPS package and pay an annual membership fee.

The measures aim to protect tax bases such as the development of provisions to avoid treaty abuse and to introduce country-by-country reporting, for which the BEPS package provides the minimum standards.

 

By Mishelle Thurai

Top Content

    Addressing tax challenges and the digitisation of the economy

    As the economy becomes even more globalised through digital sources, the tax systems currently in place need to be scrutinised to examine whether they are still fit for current and emerging business models. Joe Pickard reports on the OECD’s approach to this issue.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.