Oman has joined the “Inclusive Framework on BEPS,” becoming the 103 country to join, the OECD announced October 20.
The framework is aimed at curtailing multinational group tax avoidance and improving resolution of tax disputes between nations. By joining the group, Oman has pledged to adopt minimum standards developed in 2015 by OECD and G20 nations, with input by other nations, in response to the base erosion profit shifting (BEPS) plan.
The commitment means that Oman will adopt provisions to prevent tax treaty shopping, implement country-by-country reporting on multinationals and exchange country-by-country reports, will limit benefits of any intellectual property or other preferential tax regimes established in Oman, and will fully implement the mutual agreement procedure in its tax treaties with other countries to aid resolution of tax disputes. Oman must also pay a fee to participate.
In return, Oman will be permitted to work alongside other BEPS inclusive framework countries on an equal footing to ensure widespread adoption of the BEPS minimum standards which will subject to a peer review processes.
Oman’s decision to join follows that of Montserrat, which joined in July.
Be the first to comment