World bodies establish tax collaboration platform
THE OECD, IMF, World Bank and the UN have formed a platform for collaboration on tax to improve tax systems around the world and strengthen BEPS’ grip on developing nations.
Designing and implementing standards for international tax matters is high on the agenda for the new platform, with the four bodies agreeing to share information on tax-related activities.
Details of the partnership reveal a collaboration between the IMF and the World Bank on strengthening tax systems in developing countries and fostering inclusive policy discussions, as well as a partnership between the OECD and UNDP on Tax Inspectors Without Borders.
The BEPS project is also a subject of the discussion for the platform, involving the creation of an ‘inclusive project’ for the global implementation of the project, which includes support from the platform to help developing countries to voice their own perspectives and implement this agenda.
“The Framework will monitor and support BEPS implementation, review progress made in the implementation of the BEPS measures and in particular of the minimum standards included in the BEPS package, and will complete some limited remaining technical work related to the BEPS Actions, (e.g. finalizing transfer pricing guidance on the application of transactional profit split methods on financial transactions),” stated the document.
The platform has also agreed to hold a major conference every year, with the first one planned for 2017.