The OECD Forum on Tax Administration released a detailed manual on bilateral advance pricing agreements (BAPAs).
The manual provides tax administrations and taxpayers with information on the operation of BAPAs and identifies 29 best practices for BAPAs without imposing a set of binding rules. The manual is intended as a guide to tax administrations and taxpayers for streamlining the bilateral APA process through increased transparency and collaboration between competent authorities and taxpayers and mitigating delays created by differences in individual jurisdiction’s bilateral APA processes.
The manual has been produced jointly by members of the FTA Mutual Agreement Procedure Forum and its focus group on Identifying Improvements to the Advance Pricing Agreement Process.
On October 4, 2022, the EU Council announced that it has decided to add Anguilla, Bahamas, and Turks and Caicos Islands to the EU list of non-cooperative jurisdictions for tax purposes.
The reason for the inclusion of Anguilla, Bahamas, and Turks and Caicos Islands in the tax blacklist is that there are concerns that these three jurisdictions, which all have a zero or nominal only rate of corporate income tax, are attracting profits without real economic activity, among other things.
With these additions, the EU tax blacklist now consists of 12 jurisdictions: American Samoa, Anguilla, Bahamas, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, Turks and Caicos Islands, US Virgin Islands, and Vanuatu.