The International Monetary Fund, OECD, United Nations, and World Bank Group today released a concept note outlining their plan to work together to help governments address the policy and administration challenges associated with taxing international business.
Through the “Platform for Collaboration on Tax,” the four international organizations (IOs), which currently work independently on tax issues, will jointly develop tax standards, produce guidance, and share information.
The IOs plan to develop eight “toolkits” by March 2018, including guidance that translates OECD/G20 base erosion profit shifting (BEPS) project outcomes into user-friendly language so that “low-capacity” countries can implement it, the concept note said.
Others toolkits will address international tax issues outside the BEPS project, such as the taxation indirect transfers of assets and comparability in transfer pricing. The group has already issued guidance on tax incentives.
While the IOs will seek consensus, where there is a difference of views, it will be reflected in their output. They expect to set up a web page where they will publicly release their guidance.
The IOs will also join forces to assist developing nations improve their tax systems by producing training manuals and other outputs.
Data and research on tax will also be shared and efforts will be undertaken to encourage developing nations to join the Global Forum on Transparency and sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.
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