Greenland, Faroe Islands join “Inclusive Framework on BEPS” to combat MNE tax avoidance

Greenland and the Faroe Islands have joined the “Inclusive Framework on BEPS,” bringing to 127 the number of countries joining the group, the OECD said in a January 18 announcement.

By joining the framework, the countries commit to implementing four minimum standards agreed to by nations in the 2015 OECD/G20 base erosion profit shifting plan. These minimum standards are aimed at countering harmful tax practices, countering tax treaty abuse, establishing country-by-country reporting for multinational groups, and improving tax dispute resolution mechanisms.