OECD Discussion Draft on BEPS Action 12: Mandatory Disclosure Rules
From the OECD website:
“This discussion draft [BEPS Action 12 Mandatory Disclosure Rules] provides an overview of mandatory disclosure regimes, based on the experiences of countries that have such regimes, and sets out recommendations for a modular design of a mandatory disclosure regime including recommendations on rules designed to capture international tax schemes.
The Discussion Draft sets out a standard framework for a mandatory disclosure regime that ensures consistency while providing sufficient flexibility to deal with country specific risks and to allow tax administrations to control the quantity and type of disclosure. The Discussion Draft is divided into four chapters as follows:
- Chapter I is the introduction of this document.
- Chapter II provides an overview of the key features of a mandatory disclosure regime and considers its interaction with other disclosure initiatives and compliance tools.
- Chapter III sets out both the framework and features for the modular design of a mandatory disclosure regime.
- Chapter IV looks at international transactions and considers how these could best be captured by a mandatory disclosure regime.”
Comments are expected by April 30, 2015 although the draft is dated May 11, 2015 which is the scheduled time for the public consultation meeting that will take place in Paris.
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