The OECD today announced that Thailand has joined countries that have pledged to implement the OECD/G20 base erosion profit shifting (BEPS) plan minimum standards, agreed to in 2015.
As the 98th member of the ‘Inclusive Framework on BEPS,” Thailand will implement BEPS measures, such as country-by-country reporting of multinational firm tax affairs, which will provide information to tax authorities for use in assessing whether there is a risk that a multinational is engaging in tax avoidance through transfer pricing or other means.
By joining the framework, Thailand has also agreed to add provisions to its new tax treaties to prevent tax treaty shopping by multinationals in some cases. Further, Thailand has agreed to improves its tax dispute resolution process for the benefit of multinationals.
The OECD said the next plenary meeting of the Inclusive Framework on BEPS will take place June 21–22 in Noordwijk, the Netherlands.
