Gibraltar has joined a coalition of countries working on international tax and transfer pricing issues known as the “Inclusive Framework on BEPS,” the OECD announced July 5.
With Gibraltar joining, the membership of this tax body, led by the OECD, now numbers 130 countries and jurisdictions.
As a new member, Gibraltar must adopt into law “minimum standards” aimed at preventing tax avoidance by multinationals and improving cross-border tax dispute resolution. These standards were agreed to by OECD and G20 countries in 2015 as a result of the OECD/G20 base erosion profit shifting (BEPS) plan.
The Inclusive Framework works on ensuring that the BEPS minium standards are implemented worldwide and also on international tax standard setting.
Notably, the group is now attempting to reach consensus by the end of 2020 on a new international tax and transfer pricing scheme that better accounts for the new business models, in particular those are part of the digital economy.
Be the first to comment