OECD releases peer review documents for assessment of BEPS minimum standards


On 1 February, the OECD released key documents which will form the basis of the peer review of the Action 5 transparency framework and for the peer review of Action 13 Country-by-Country Reporting.

The Action 5 standard for the compulsory spontaneous exchange of information on tax rulings (the “transparency framework”) and the Action 13 standard on Country-by-Country Reporting are two of the four BEPS minimum standards. Each of the four BEPS minimum standards is subject to peer review in order to ensure timely and accurate implementation and thus safeguard the level playing field.

The documents released form the basis on which the peer review processes will be undertaken. The compilations include the terms of reference which sets out the criteria for assessing the implementation of the minimum standard, and the methodology which sets out the procedural mechanism by which jurisdictions will complete the peer review, including the process for collecting the relevant data, the preparation and approval of reports, the outputs of the review and the follow-up process.

Please click on the relevant Action for more information on the peer review and monitoring process for Action 5 and Action 13, as provided by the OECD.