OECD issues release on reviews conducted within BEPS
The Organisation for Economic Cooperation and Development (OECD) has issued a release that updates the results of preferential regime reviews conducted by the Forum on Harmful Tax Practices (FHTP) in connection with Action 5 under the Base Erosion and Profit Shifting (BEPS) initiative.
- In Lithuania, Luxembourg, Singapore and Slovakia, new regimes have been designed that comply with FHTP standards, meet all aspects of transparency, exchange of information, and substantial activities; these have been found not harmful in regards to tax competition.
- Four regimes, in Chile, Malaysia, Turkey and Uruguay, have been abolished or amended to remove harmful features.
- The last three regimes (one in Kenya and two in Vietnam) have been found to be outside the scope of the FHTP as they do not concern taxation of business or cross-border activities and therefore do not pose any BEPS Action 5 risk.