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OECD peer review documents assess BEPS minimum standards

The Organisation for Economic Co-operation and Development (OECD) has released peer review documents to assess Base Erosion Profit Shifting (BEPS) minimum standards.

These documents set the foundation for the peer review of the Action 13 country-by-country reporting and the peer review of the Action 5 transparency framework.

Action 13 and 5 are two of the four BEPS minimum standards which respectively focus on country-by-country reporting and the compulsory spontaneous exchange of information on tax rulings known as the "transparency framework".

The peer review is a compilation process which includes the terms of reference- the criteria to assess the practice of minimum standards and the methodology- the procedural mechanism based on which jurisdictions will complete the peer review. This also includes the relevant data collection, reports preparation and approval, the review result and the process of follow-ups.

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