Saint Lucia becomes 114th country to join “inclusive framework” countering multinational tax avoidance

The OECD has announced that Saint Lucia has joined the “Inclusive Framework on BEPS,” bringing the number of participating countries to 114.

The OECD-led framework is made up of countries that have agreed to incorporate into their laws minimum standards devised by OECD and G20 countries in the 2015 base erosion profit shifting (BEPS) plan. These BEPS standards aim to curtail tax avoidance by multinational corporations and improve cross-border tax dispute resolution.

Included is Saint Lucia’s pledge to participate in a country-by-country reporting scheme, whereby Sant Lucia will collect information on large multinationals and share that information with other tax administrations.