Daily Tax Update - October 20, 2016: First Series of Bilateral Automatic Exchange Relationships Established as Further Step to Implement OECD CRS

First Series of Bilateral Automatic Exchange Relationships Established as Further Step to Implement OECD CRS:  Today, the first series of bilateral automatic exchange relationships were established among the first group of jurisdictions committed to exchanging information automatically as of 2017 in accordance with the Organization for Economic Cooperation and Development (OECD) Common Reporting Standard (CRS).  Most of the relationships are based on the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information.  With still almost a year to go until the first exchange date on September 30, 2017, there are now already over 1,000 bilateral exchange relationships activated with respect to jurisdictions committed to a 2017 timeline.

OECD Releases MAP Documents Under BEPS Action 14:  Today the OECD released the documents that will form the basis of the Mutual Agreement Procedure (MAP) peer review and monitoring process under Action 14 of the Base Erosion and Profit Shifting (BEPS) Action Plan.  Action 14 outlines the minimum standards and best practices for resolving treaty-related disputes under the MAP.  The documents released include: (i) the Terms of Reference, which translate the minimum standard approved in the final Action 14 report into a basis for peer review; (ii) the Assessment Methodology for the peer review and monitoring process; (iii) the MAP Statistics Reporting Framework; and (iv) the Guidance on Specific Information and Documentation Required to be Submitted with a Request for MAP Assistance.   

DTU In Depth – Election Update

How the 2016 Election Will Affect Public Policy Developments – Part III:  Last night’s presidential debate was the last of the three events featuring the candidates together to discuss their respective visions for the future.  As was the case with the first two debates, last night’s discussions covered both the candidates’ fitness to be president, and a list of substantive issues, including debt, entitlements, immigration, and foreign policy.  For more in depth coverage, click here.