81 jurisdictions are now fully in line with the BEPS Action 5 minimum standard.
Transparency on tax rulings is now a fully entrenched part of the international tax framework, with 20,000 tax rulings having been identified and 36,000 exchanges between jurisdictions having taken place, a new OECD report reveals.
According to the 2019 Peer Review Reports on the Exchange of Information on Tax Rulings – released on December 15, 2020 – 81 jurisdictions are now fully in line with the BEPS Action 5 minimum standard, with the remaining 43 jurisdictions receiving one or more recommendations to improve their legal or operational framework to identify and exchange the tax rulings.
As the delivery of the BEPS project has reached its five-year mark this year, the Inclusive Framework on BEPS is now working to ensure that the progress made on ensuring transparency in relation to the issuance of tax rulings is maintained towards the future, both through a review of the overall effectiveness of the Standard and the development of a renewed peer review process for the years 2021-2025.
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