On February 23, 2016 the OECD announced that it agreed a new framework that will allow all interested countries and jurisdictions to join in efforts to update international tax rules for the 21st Century.

It also announced that the proposal for broadening participation in the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project will be presented to G20 Finance Ministers at their next meeting on February 26-27, 2016 in Shanghai, China.

In this respect the OECD issued a press release and a flyer. We were surprised that no more details on the framework were published until we read the following paragraph - on the flyer: ‘Join an inclusive framework for the implementation of the BEPS package – Participants in this inclusive framework will take joint action to implement the BEPS Action items and will set additional standards. They will commit to implementing the BEPS package of minimum standards and pay an annual fee - the amount will reflect the member’s economic circumstances.’

Perhaps we are somewhat naïve, but we have to admit that this paragraph of the OECD’s flyer and the fact that the OECD is asking money to assist in combating tax evasion caught us by surprise.

Click here to be forwarded to the press release issued by the OECD in this respect.

Click here to be forwarded to the flyer issued by the OECD in this respect.

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