The Cook Islands has joined the “Inclusive Framework on BEPS,” a coalition of countries aimed at fighting tax avoidance and easing cross-border tax dispute resolution.
The Cook Islands is the 125th country to join the framework, the OECD said in a January 3 announcement.
By joining the framework, the Cook Islands has pledged to implement minimum standards on countering multinational tax avoidance and improving tax dispute resolution agreed to by OECD, G20, and other countries in 2015 as a result of the OECD/G20 base erosion profit shifting (BEPS) project.
These minimum standards include establishing country-by-country reporting to better assess whether multinationals are avoiding tax through inappropriate use of transfer pricing.
