Qatar and Saint Kitts and Nevis have joined the inclusive framework on BEPS, bringing total membership to 106 countries, the OECD announced November 14.
The inclusive framework on BEPS is a group of countries that have pledged to adopt and monitor the implementation of minimum standards set by OECD and G20 countries as a result of the 2015 base erosion profit shifting (BEPS) plan. The standards designed to prevent tax avoidance by multinationals and improve cross-border tax dispute resolution.
The OECD also announced that Qatar’s Ambassador to France signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters at OECD headquarters in Paris, becoming the 115th signatory. The document was signed November 10.
The Convention can be used to swiftly implement exchange of country-by-country reports under BEPS action 13 and exchange of tax rulings under BEPS action 5.
It also provides for administrative assistance in tax matters: exchange of information on request, spontaneous exchange, automatic exchange, tax examinations abroad, simultaneous tax examinations and assistance in tax collection. It guarantees extensive safeguards for the protection of taxpayers’ rights.