Three Caribbean Territories Sign Up To BEPS Inclusive Framework
26 October, 2018
The OECD has announced that Antigua and Barbuda, Saint Vincent and the Grenadines, and Dominica have signed up to its Inclusive Framework on BEPS, bringing membership to 122.
By joining the Inclusive Framework, the territories have committed to implementing the four BEPS minimum standards. As such, they must introduce measures to remove any “harmful” tax provisions from their respective domestic tax regimes, amend their tax treaty rules to prevent treaty abuse, implement country-by-country reporting rules and exchange these reports with other countries, and work with other countries to improve cross-border tax dispute resolution mechanisms.
As well as agreeing to implement the minimum standards, members of the Inclusive Framework agree to work together on an equal footing to develop further BEPS measures, commit to participate in peer reviews on BEPS measures’ consistent implementation, and pay an annual fee to the OECD. The Inclusive Framework is also supporting the development of toolkits for low-capacity developing countries.