The OECD today announced that Albania has become the 133rd nation to join the “Inclusive Framework on BEPS.”
Albania will now be entitled to participate in OECD-led discussions on revising the international tax system to better account for new business models such as digitalization. The Inclusive Framework countries seek to reach consensus in this area by the end of 2020.
By joining the Inclusive Framework, Albania has committed to adopt and monitor the implementation of “minium standards” on multinational group taxation devised by OECD and G20 counties in 2015 as a result of base erosion profit shifting (BEPS) plan.
These minimum standards require Albania to collect country-by-country reports on large multinational groups and to exchange of those reports with other countries, to abolish tax practices deemed “harmful,” to limit tax incentives for intangibles income in patent boxes, to spontaneously exchange of information on advance tax rulings, to ensure that taxpayers have access to the mutual agreement procedure set out in tax treaties for resolving cross-border tax disputes, and to include an anti-abuse clause in tax treaties.
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