The OECD today hosted a consultation meeting on a planned review of minimum standards, agreed to by OECD and G20 countries in 2015, that aim to improve cross-border tax dispute resolution for multinational groups.
The standards were agreed to as an outcome of Action 14 of the OECD/G20 base erosion profit shifting (BEPS) project and have since been adopted by 137 countries that have joined the OECD-led “Inclusive Framework on BEPS.” Inclusive Framework members have also agreed to be peer-reviewed on their compliance with these standards, though 55 countries obtained a deferral from this peer review.
The public consultation meeting focused on ways to improve the standard, identified in a consultation document prepared by the OECD Secretariat. Included is a proposal that would require all countries with more than a few transfer pricing cases to establish an advance pricing agreement program.
Speakers included representatives of law and accounting firms, multinationals groups, and trade associations. Tax officials from Canada, the US, Singapore, Brazil, Indonesia, Sweden, and Argentina joined, as did OECD officials.
Parwin Dina, Lead Client Service Partner at Global Tax Services (GTS), UAE, will provide a comprehensive analysis of this important meeting, and the issues at stake, in an article to be published in MNE Tax early next week.
You can access a recording of the meeting here:
Thanks for the 4 hour recording. Will a transcript become available?
We will be featuring an article on this consultation next week, Harold. Stay tuned!