OECD notes progress on tackling harmful tax practices

OECD notes progress on tackling harmful tax practices

Almost 50,000 exchanges of tax information have taken place to date in respect of 23,000 tax rulings, as per a new OECD report.

The 2021 Peer Review Reports on the Exchange of Information on Tax Rulings includes the latest peer review assessments for 131 jurisdictions in relation to the compulsory spontaneous exchange of information on tax rulings.

Released on December 14, this is the sixth annual peer review of the implementation of the BEPS Action 5 minimum standard on tax rulings, which aims to provide tax administrations with the necessary information concerning their taxpayers to efficiently tackle tax avoidance and other BEPS risks.

The new peer review results show that 73 jurisdictions are fully in line with the BEPS Action 5 minimum standard, with the remaining 58 jurisdictions receiving a total of 61 recommendations to improve their legal or operational framework to identify the relevant tax rulings and exchange information.

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