Andorra (Pyrenees) joined the agreement of the Organization for Economic Cooperation and Development (OECD) to tackle tax base erosion and Profit Shifting (Base erosion and profit shifting, BEPS), reports OECD.
As a result, Andorra became the 86th state which joined this agreement.
This decision was a response to the demand of the G20 leaders, whose purpose – to allow all countries and member jurisdictions to work on equal terms for monitoring and supervising the implementation of the terms of this agreement.
Thus, Andorra has confirmed its commitment to adopt a set of rules and then apply them consistently.
On 30th June this year representatives of more than 80 countries and jurisdictions gathered in Kyoto, Japan to push forward ongoing efforts to update international tax rules for the 21st century, the latest step in the OECD/G20 Project to tackle Base Erosion and Profit Shifting (BEPS).
The BEPS Project delivers solutions for governments to close the gaps in existing international rules that allow corporate profits to « disappear » or be artificially shifted to low or no tax environments, where companies have little or no economic activity. Revenue losses from BEPS are conservatively estimated at USD 100-240 billion annually, or 4-10% of global corporate income tax (CIT) revenues. Given developing countries’ greater reliance on CIT revenues, the impact of BEPS on these countries is particularly damaging.
BEPS Members (by 14th October 2016)
1. Andorra
2. Angola*
3. Argentina
4. Aruba*
5. Australia
6. Austria
7. Bangladesh
8. Belgium
9. Benin
10. Brazil
11. Brunei Darussalam
12. Bulgaria*
13. Burkina Faso*
14. Cameroon*
15. Canada
16. Chile
17. China (People’s Republic of)
18. Colombia*
19. Congo*
20. Costa Rica
21. Croatia*
22. Curaçao
23. Czech Republic
24. Denmark
25. Democratic Republic of the Congo*
26. Egypt
27. Eritrea*
28. Estonia*
29. Finland
30. France
31. Gabon
32. Georgia
33. Germany
34. Greece*
35. Guernsey*
36. Haiti
37. Hong Kong (China)
38. Hungary
39. Iceland
40. India*
41. Indonesia
42. Ireland
43. Isle of Man*
44. Israel*
45. Italy
46. Jamaica
47. Japan
48. Jersey
49. Kenya
50. Korea
51. Latvia*
52. Liberia*
53. Liechtenstein
54. Lithuania
55. Luxembourg
56. Malta
57. Mexico
58. Monaco
59. Netherlands
60. New Zealand
61. Nigeria
62. Norway
63. Pakistan
64. Papua New Guinea
65. Paraguay
66. Poland
67. Portugal*
68. Romania
69. Russia
70. San Marino*
71. Saudi Arabia*
72. Senegal
73. Seychelles
74. Sierra Leone*
75. Singapore
76. Slovak Republic
77. Slovenia
78. South Africa
79. Spain
80. Sri Lanka
81. Sweden
82. Switzerland
83. Turkey
84. United Kingdom
85. United States
86. Uruguay
*BEPS Members not attending the Kyoto Meeting
