CIAT database reflects progress made by 15 countries implementing BEPS recommendations

In an August 8 update, the Inter-American Center of Tax Administrations (CIAT) has reported on 15 member countries’ progress adopting minimum standards, common approaches, and best practices for multinational group taxation which were agreed to by OECD and G20 countries in 2015 as a result of the base erosion profit shifting (BEPS) project.

CIAT’s BEPS Monitoring Database has been updated to reflect advancements made by Angola, Argentina, Bermuda, Brazil, Chile, Colombia, Costa Rica, Honduras, India, Jamaica, Mexico, Panama, Paraguay, Spain, and Uruguay.

Also, CIAT announced that Kenya and Morocco have joined CIAT’s BEPS reporting initiative.

Unlike the OECD/Inclusive Framework work, CIAT goes beyond tracking implementation of the BEPS minimum standards agreed to by countries in 2015. The CIAT database also reflects the implementation of recommended best practices such as the adoption of controlled foreign company and hybrid mismatch rules and adherence to identified common approaches such as rules limiting interest deductibility and adoption of mandatory disclosure rules.