For global business, the leading role of the OECD in international tax policy is of great importance and value. With the G20 mandate for the project on Base Erosion and Profit Shifting (BEPS), the reach of OECD tax work and policy guidance has increased considerably. All OECD/G20 countries, along with Latvia and Colombia, have pledged to follow the BEPS minimum standards, but any country could join the efforts to address BEPS. For this, the inclusive framework for the monitoring and implementation of BEPS will be essential.
At the same time, the OECD has developed Multilateral Competent Authority Agreement on Country-by-Country reporting. This agreement, signed on January 27 by 31 countries, including four non-OECD/G20 countries, is a first major step in the BEPS implementation and should facilitate a more coherent and predictable tax regime for investors. Through the Business and Industry Advisory Committee (BIAC) to the OECD, the business community will be actively involved in the further implementation process of BEPS.
But the OECD work on taxation is not only about BEPS. There are multiple streams of work with great significance for business, including International Guidelines on VAT/GST, the Global Forum on Transparency and Exchange of Information for Tax Purposes with currently 130 parties undertaking peer reviews, as well as tax and development.
To better understand the complexities of the OECD work and role in international taxation, BIAC has prepared a brief on the Tax Agenda of the OECD. We hope this brief will provide good guidance even to members who do not participate in this work on an expert level.
With valuable support and input from our members, USCIB and BIAC will continue to offer structured advice to the OECD to help develop a more coherent international tax regime that will support – and not hinder – cross border trade and investment, and growth. USCIB is the U.S. affiliate of BIAC.
Visit USCIB’s Membership page for more information on how to become a member and get involved in our Taxation Committee, which promotes sound and consistent international tax policy and advocates against government actions that result in double taxation. USCIB co-organizes an annual tax conference with BIAC and the OECD in Washington, D.C. This year’s OECD International Tax Conference will take place on June 6 and 7.