OECD Releases BEPS Action 14 Peer Reviews
On February 16, the OECD released the final batch of BEPS Action 14 peer reviews, on the efforts of 13 jurisdictions to improve how they resolve tax-related cross-border disputes.
The stage 1 peer reviews were for Aruba, Bahrain, Barbados, Gibraltar, Greenland, Kazakhstan, Oman, Qatar, Saint Kitts and Nevis, Thailand, Trinidad and Tobago, United Arab Emirates and Vietnam.
The OECD has now published stage one peer review reports for all jurisdictions and published three batches of stage two reports. In total, 82 stage one peer reviews and 37 stage one and stage two peer reviews have been finalized, with the fourth batch of stage two reports to be released in a few months.
Of the recently assessed jurisdictions, Gibraltar, in particular, welcomed the findings, issuing a statement to that effect this week.
The Government welcomed what it viewed as an endorsement of the territory’s framework for resolving disputes, with the peer review looking at such matters as taxpayers’ access to MAP resolution, how MAP cases are resolved, and how Gibraltar implements a MAP agreement. It further noted that its double tax agreement with the UK was assessed as being fully compliant with the requirements of the Action 14 minimum standard. Further, despite Gibraltar not being involved in any MAP cases or agreements during the period under review, Gibraltar was said to have met, in principle, all the requirements under the Action 14 Minimum Standard in relation to the resolution of MAP cases.
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