G20 finance ministers have agreed to a plan to create a multilateral instrument to implement tax treaty-related measures under OECD/G20 the base erosion and profit shifting (BEPS) plan, the ministers said in a communique following their February 9-10 meeting in Istanbul, Turkey.
The mandate, made public February 6, sets out the objective and intended scope of work to develop the multilateral instrument and the process for drafting the instrument, such as identifying who will conduct the work, and how it will be funded.
G20 finance ministers also committed to completing all BEPS work by year end, and said that they welcome the direct engagement of developing countries in the BEPS project.
Sixty-two countries now participate in the BEPS project, including 14 developing nations which joined last January, according to an OECD a report presented to the finance ministers at their meeting.
The newest participants in the BEPS process are Albania, Azerbaijan, Bangladesh, Croatia, Georgia, Jamaica, Kenya, Morocco, Nigeria, Peru, Philippines, Senegal, Tunisia, and Vietnam, the report said.
The OECD also presented the ministers with an interim report on possible tougher incentives for countries that fail to failure to respect exchange of information on request standards.
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