Over 200 delegates from 83 countries and jurisdictions, as well as 12 international and regional organizations, met in Noordvijk, The Netherlands for the Third Meeting of the Inclusive Framework on Base Erosion and Profit Shifting (BEPS). The meeting welcomed Viet Nam as its newest and 100th member and discussed and approved its first monitoring report, which will be submitted to G20 Leaders for their summit to be held on 7-8 July 2017 in Hamburg, Germany. The report highlights the progress that has been achieved since the Inclusive Framework first met in Kyoto in June 2016.

During the meeting Belize, the Cayman Islands, Colombia, Haiti, Pakistan, Singapore and the Turks and Caicos Islands signed the Multilateral Competent Authority Agreement for Country-by-Country Reporting (CbC MCAA). The CbC MCAA is an efficient mechanism that allows signatories to bilaterally and automatically exchange Country-by-Country Reports with each other, as contemplated by Action 13 of the BEPS Action Plan. It will help ensure that tax administrations obtain a better understanding of how MNEs structure their operations, while also ensuring that the confidentiality and appropriate use of such information is safeguarded.

At the same time, the United States concluded a further set of bilateral competent authority arrangements for the automatic exchange of Country-by-Country Reports. It now has arrangements in place with Canada, Denmark, Guernsey, Iceland, Ireland, Korea, Latvia, the Netherlands, New Zealand, Norway, the Slovak Republic and South Africa, thereby reaffirming the strong commitment of the United States to start the automatic exchange of Country-by-Country Reports in 2018.

The meeting also discussed the toolkits under development by the Platform for Collaboration on Tax.

During the meeting closure, the CIAT Representative, Mr. Socorro Velazquez, made an invitation to all member-countries of the Inclusive Framework to attend the upcoming CIAT Technical Conference which will address several topics related to tax base erosion and profit shifting. The Conference will be held in San Jose, Costa Rica, 18-20 September 2017. Additional information can be obtained atingresar a: CIAT Technical Conference

1,732 total views, 1 views today