(December 12, 2014)
On December 12, 2014 the OECD issued a news release announcing that on December 10 & 11, 2014 Officials from fourteen* developing countries and the African Tax Administration Forum (ATAF) discussed ways to maximise benefits from their recent commitment to enhanced engagement in the BEPS Project.
The workshop forms part of the broader strategy for deepening engagement of developing countries in the Base Erosion and Profit Shifting (BEPS) Project, which was launched on 12 November and welcomed by the G20 Leaders in Brisbane.
According to the news release participants came from: Albania, Azerbaijan, Bangladesh, Croatia, Georgia, Jamaica, Kenya, Morocco, Nigeria, Peru, Philippines, Senegal, South Africa, Tunisia, Vietnam and the ATAF and discussed their upcoming participation in the Committee on Fiscal Affairs (CFA) and the BEPS technical working groups and how to ensure that the outcomes of the BEPS Project meet the needs of developing countries, also in light of policy and administration environment.
The news release continues by stating that participants agreed on the pressing need to reform the international tax rules "as soon as possible" and considered how to most effectively participate in the upcoming meetings, as well as the support required to ensure effective implementation of the BEPS measures.
According to the news release a number of interventions emphasised the need to reach a balance between attracting FDIs to support infrastructure investment critical for steady and resilient growth, and collecting corporate income tax and ensuring compliance. They requested that outputs were practical and easy to implement, with support required to ensure increased awareness at all levels.
The news release also states that in addition to the direct participation of developing countries five regional networks of tax administration and tax policy officials will be set up, in co-operation with international and relevant regional tax organisations
For further information click here to be forwarded to the news release as issued by the OECD.
* The news release as issued by the OECD states fourteen, but subsequently gives the names of fifteen participating countries
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