The OECD has made 60 jurisdiction-specific recommendations on issues such as improving the timeliness of the exchange of information and ensuring that exchanges of information are made with respect to preferential tax regimes that apply to income from intellectual property.
Tax jurisdictions around the world have taken steps to implement the necessary legal framework for spontaneous exchange of information on tax rulings, an OECD report has revealed.
The 2017 Peer Review Reports on the Exchange of Information on Tax Rulings – published on December 13 – assesses 92 tax jurisdictions’ progress in spontaneously exchanging information on tax rulings, in accordance with Action 5 of the base erosion and profit shifting (BEPS) project.
During the review period, these tax jurisdictions issued close to 16,000 tax rulings. Close to 21,000 exchanges of information took place.
The OECD has made 60 jurisdiction-specific recommendations on issues such as improving the timeliness of the exchange of information and ensuring that exchanges of information are made with respect to preferential tax regimes that apply to income from intellectual property.
The peer review is an annual process that has taken place in 2017 and 2018, with another two reviews to take place in 2019 and 2020. This is the second annual peer review covering the 2017 calendar year.
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