As published on tax-news.com, Friday 31 July, 2020.
The OECD has released peer review reports reviewing nine territories' progress towards implementing the BEPS Action 14 standard, on improving tax dispute resolution.
The peer review process is conducted in two stages: stage one seeks to evaluate implementation of the Action 14 minimum standard for Inclusive Framework members, and stage two will monitor how countries respond to recommendations resulting from stage one.
New stage one peer review reports for Andorra, the Bahamas, Bermuda, the British Virgin Islands, the Cayman Islands, the Faroe Islands, Macau, Morocco, and Tunisia contain some 185 targeted recommendations. The territories' progress on implementing these recommendations will be the subject of a second peer review report.
The OECD's Action 14 recommendations concern making dispute resolution mechanisms more effective, looking specifically at countries' mutual agreement procedure (MAP) frameworks, which are used to settle disputes between countries and taxpayers concerning cross-border tax arrangements for trade and investment where double taxation of the same income occurs.
The new peer review reports include MAP statistics from 2016 to 2019, as reported under the MAP Statistics Reporting Framework. The reports for Morocco and Tunisia are also available in French.