OECD issues MAP peer review reports for further eight jurisdictions
The OECD on February 24 published stage 1 mutual agreement procedure (MAP) peer review reports of the following eight jurisdictions: Brunei Darussalam, Curaçao, Guernsey, Isle of Man, Jersey, Monaco, San Marino, and Serbia.
The reports highlight how well these jurisdictions are implementing the base erosion and profit shifting (BEPS) Action 14 minimum standard on making tax treaty dispute resolution more timely, effective, and efficient.
The reports contain 135 specific recommendations relating to the minimum standard. Many countries are already working to address deficiencies identified in their respective reports.
The MAP peer review and monitoring process under BEPS Action 14 was launched in December 2016. The peer review process is conducted in two stages: Stage 1 evaluates implementation of the BEPS Action 14 minimum standard for members of the Inclusive Framework on BEPS, while Stage 2 focuses on monitoring the follow-up of the recommendations resulting from jurisdictions’ Stage 1 report.