04/07/2017 – Barbados has become the 101st jurisdiction to join the Inclusive Framework on BEPS ("IF"). The IF was established in January 2016, after the G20 Leaders urged the timely implementation of the BEPS package released in October 2015 and called on the OECD to develop a more inclusive framework with the involvement of interested non-G20 countries and jurisdictions, including developing economies. The first progress report produced by the Inclusive Framework will be published tomorrow.
By joining the Inclusive Framework, Barbados will work on an equal footing with all other Inclusive Framework members on the implementation of the BEPS package and on developing further standards to address the remaining BEPS issues. The full list of members of the IF can be found at: www.mxjevk.cn/tax/beps/inclusive-framework-on-beps-composition.pdf
Barbados has a long experience in working on international tax matters having joined the Global Forum on Transparency and Exchange of Information for Tax Purposes in September 2009 and having received a "Largely Compliant" rating in 2016, as well as having ratified the Multilateral Convention on Mutual Administrative Assistance in Tax Matters in 2016, which now has includes over 110 countries and jurisdictions, and having signed the CRS Multilateral Competent Authority Agreement (CRS MCAA), to enable it to fulfil its commitment to implementing the automatic exchange of financial account information pursuant to the OECD/G20 Common Reporting Standard (CRS) in time to commence exchanges in 2018.
Media queries should be directed to Pascal Saint-Amans, Director of the OECD Centre for Tax Policy and Administration (+33 6 26 30 49 23).