OECD updates on harmful tax regimes
Countries continue the successful implementation of international standards on harmful tax practices, the OECD has said.
At its November 2021 meeting, the Forum on Harmful Tax Practices (FHTP) agreed new decisions on 9 preferential tax regimes as part of the implementation of the BEPS Action 5 minimum standard, bringing the total number of reviewed regimes since the start of the BEPS Project to 317.
The FHTP concluded on regimes as follows: Two newly introduced regimes were concluded as “not harmful” (Hong Kong (China) and Lithuania). Two regimes are abolished (Mauritius). In addition, Qatar amended its three preferential regimes to be in line with the standard and therefore, these regimes are “not harmful (amended)”. Costa Rica made a commitment to amend recent legislative changes that were made to its Free trade zone regime and therefore, regime is now “in the process of being amended”. Finally, one new regime is now under review (Albania).
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