Eswatini becomes the 132nd country to join the “Inclusive Framework on BEPS”

The OECD on July 26 announced the that southern Africa nation of Eswatini has joined the inclusive framework on BEPS.

Eswatini becomes the 132nd country to join the Inclusive Framework, which is a coalition of countries that have pledged to adopt “minimum standards” agreed to by OECD and G20 nation in 2015 aimed at reducing opportunities for multinationals to avoid taxes and at improving cross-border tax dispute resolution. These agreed-to minimum standards include adopting a country-by-country reporting scheme for multinationals that gives more information to tax authorities and adding restrictions to existing and future tax treaties to prevent tax treaty shopping by multinationals.

The Inclusive Framework is an OECD-led effort. The group is currently seeking to reach consensus on a new international tax and transfer pricing system that more appropriately taxes digital multinationals that operate cross border.