By Julie Martin, From MNE Tax

The OECD on July 27 published reports approved by a group of 135+ countries known as the “Inclusive Framework on BEPS” that assess the cross-border tax dispute resolution process in Andorra, the Bahamas, Bermuda, British Virgin Islands, the Cayman Islands, the Faroe Islands, Macau (China), Morocco, and Tunisia.

The reports offer about 185 recommendations on ways these countries could improve their practices, the OECD said.

The reports are “Stage 1” peer review reports, assessing each country’s tax dispute resolution practices against minimum standards agreed to by nations in 2015 as a result of the OECD/G20 base erosion profit shifting (BEPS) plan.

The Inclusive Framework will conduct a “stage 2” review of these countries’ practices at a later date and write a follow-up report discussing whether their recommendations were adopted.

As members of the Inclusive Framework, Andorra, the Bahamas, Bermuda, British Virgin Islands, the Cayman Islands, the Faroe Islands, Macau, and Tunisia made a commitment to be bound by the standards for cross-border tax dispute resolution set out int the BEPS agreements.

With the release of the reports, the Inclusive Framework has now reviewed the cross-border tax dispute framework of 69 countries at least once.

For more on this story go to: MNE TAX