The republic of Trinidad and Tobago has joined the “inclusive framework on BEPS,” a group of countries that have pledged to implement measures aimed at preventing tax avoidance and improving tax dispute resolution set out in the 2015 OECD/G20 base erosion profit shifting (BEPS) project.
According to a November 23 OECD announcement, Trinidad and Tobago is the 108th country to join the group.
By joining the framework, Trinidad and Tobago has agreed to adopt BEPS “minimum standards” on tax treaty shopping; implement country-by-country reporting for transfer pricing; limit benefits of any intellectual property or other preferential tax regimes; and fully implement the mutual agreement procedure in its tax treaties. Trinidad and Tobago must also pay a fee to participate.
In return, Trinidad and Tobago will be permitted to work alongside OECD and G20 countries on an equal footing to ensure widespread adoption of the BEPS minimum standards, which will be subject to a peer review process; participate in some remaining BEPS project international tax standard setting work; participate in ongoing data gathering on the tax challenges of the digital economy; and work on measuring the impact of BEPS.
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