The OECD has announced that at the end of March 2021, twelve no-tax or only nominal-tax jurisdictions (Anguilla, Bahamas, Bahrain, Barbados, Bermuda, British Virgin Islands, Cayman Islands, Guernsey, Isle of Man, Jersey, Turks and Caicos Islands, United Arab Emirates) began their first tax information exchanges under the Forum on Harmful Tax Practice’s (FHTP) global standard on substantial activities.
The exchanges not only provide key data on the substance and activities of entities in no-tax or only nominal-tax jurisdictions to the jurisdictions in which the immediate and ultimate parent and the beneficial owners of the entities are resident, but also enable receiving tax administrations to carry out risk assessments and to apply their controlled-foreign company, transfer pricing and other anti-base erosion and profit shifting provisions. In addition, the FHTP has commenced its annual monitoring of the compliance of the twelve no-tax or only nominal-tax jurisdictions with the FHTP Standard. The next annual results will be released in December 2021.
The OECD has announced that at the end of March 2021, twelve no-tax or only nominal-tax jurisdictions (Anguilla, Bahamas, Bahrain, Barbados, Bermuda, British Virgin Islands, Cayman Islands, Guernsey, Isle of Man, Jersey, Turks and Caicos Islands, United Arab Emirates) began their first tax information exchanges under the Forum on Harmful Tax Practice’s (FHTP) global standard on substantial activities.
The exchanges not only provide key data on the substance and activities of entities in no-tax or only nominal-tax jurisdictions to the jurisdictions in which the immediate and ultimate parent and the beneficial owners of the entities are resident, but also enable receiving tax administrations to carry out risk assessments and to apply their controlled-foreign company, transfer pricing and other anti-base erosion and profit shifting provisions. In addition, the FHTP has commenced its annual monitoring of the compliance of the twelve no-tax or only nominal-tax jurisdictions with the FHTP Standard. The next annual results will be released in December 2021.
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