Jamaica Joins Inclusive Framework on BEPS Implementation

The OECD announced that Jamaica has become the 85th member of the Inclusive Framework on BEPS Implementation. The OECD informed that more countries that attended the Kyoto meeting on June 30, are expected to join the Framework.

Kyoto Meeting

On June 30, representatives of more than 80 countries and jurisdictions have gathered in Kyoto, Japan to push forward ongoing efforts to update the international tax rules for the 21st century, the latest step in the OECD/G20 Project to tackle Base Erosion and Profit Shifting (BEPS). Following the first meeting of the Inclusive Framework on BEPS in Japan, on 30 June, the Inclusive Framework on BEPS welcomed Angola and the Seychelles as its 83rd and 84th member respectively.

Inclusive Framework on BEPS Implementation

Members of the framework will work on an equal footing to tackle tax avoidance, to improve the coherence of international tax rules, and to ensure a more transparent tax environment. In particular, the framework will: 

  • develop standards in respect of remaining BEPS issues;
  • review the implementation of agreed minimum standards through an effective monitoring system;
  • monitor BEPS issues, including tax challenges raised by the digital economy; and
  • facilitate the implementation processes of the members by providing further guidance and by supporting development of toolkits and guidance to support low-capacity developing countries.

To see the list of countries that joined inclusive framework until July 15, see Inclusive Framework Composition.

Sources: OECD - News, OECD - Kyoto Meeting, OECD - Background Brief - Framework


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