The OECD released another eight peer review reports, which highlight how well jurisdictions are implementing the Action 14 minimum standards. The BEPS Action 14, as agreed to in the OECD/G20 BEPS Project, is continuing the efforts to make dispute resolution more timely, effective and efficient.
The third round of the peer review involves eight countries, that is, Czech Republic, Denmark, Finland, Korea, Norway, Poland, Singapore and Spain. The document addressing the implementation of best practices is also available on each jurisdiction that chose to opt to have such best practices assessed. Over 215 specific recommendations relating to the minimum standard are contained in the reports. These stage 1 peer review reports continue to represent an important step forward to turn the political commitments made by the members of the Inclusive Framework on BEPS into measurable, tangible progress. In stage 2 of the peer review process, each jurisdiction’s effort to address the recommendations identified in its stage 1 peer review report will be assessed. The OECD will continue to publish stage 1 peer review reports in accordance with the Action 14 peer review assessment schedule.
The OECD is also calling on taxpayers to submit input for the fifth round of Action 14 Stage 1 peer reviews of Estonia, Greece, Hungary, Iceland, Romania, Slovak Republic, Slovenia and Turkey, and invites taxpayers to submit input on specific issues relating to access to MAP, clarity and availability of MAP guidance and the timely implementation of MAP agreements for each of these jurisdictions using the taxpayer input questionnaire. Feedback should be submitted by April 9, 2018.
With the fast growth of China’s economy and the continuous improvement of the comprehensive strength of domestic enterprises, as well as the implementation of the “One Belt, One Road” policy, an increasing amount of Chinese enterprises are beginning to expand their global footprint and establish their presence in Europe.
TPA Global has developed a practical roadmap of 6 steps meant to guide CFOs in their Journey of rising above troubles to reach a situation of full control. These steps are presented in a series of short video clips (3-5 minutes):