On October 16, 2017 the OECD released a report titled: “Harmful Tax Practices - 2017 Progress Report on Preferential Regimes”. This BEPS Action 5 progress report is an update to the 2015 BEPS Action 5 report and contains the results of the review of all Inclusive Framework members' preferential tax regimes that have been identified. The results are reported as at October 2017.

The Action 5 Progress Report on Preferential Tax Regimes includes the review of 164 preferential tax regimes offered by Inclusive Framework members against the Action 5 standard.

Of the 164 regimes reviewed in the last twelve months:

·   99 require action;

·   For 93 of these 99 regimes, the required changes have already been completed or initiated by Inclusive Framework members,

·   56 regimes do not pose a BEPS risk,

·   9 regimes are still under review, due to extenuating circumstances such as the impact of the recent hurricanes on certain Caribbean jurisdictions.

The report also contains guidance on preferential tax regimes, including timelines for amending regimes, how certain features of preferential regimes will be monitored, and guidance on the requirement that jurisdictions offering preferential regimes must require substantial activities to be undertaken in the regime

Click here to be forwarded to the website of the OECD from which you can download the progress report as released by the OECD on October 16, 2017.

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