Daily Tax Update - February 1, 2017: OECD Releases BEPS Peer Review Documents

OECD Releases BEPS Peer Review Documents:  The Organization for Economic Cooperation and Development (OECD) released peer review documents for Action 5 (Harmful Tax Practices: Transparency Framework) and Action 13 (Country-by-Country Reporting).

The Action 13 standard on country-by-country reporting and the Action 5 standard for the compulsory spontaneous exchange of information on tax rulings (the transparency framework) are two of the four minimum standards for the Base Erosion and Profits Shifting (BEPS) project that all members of the inclusive framework on BEPS commit to implementing.  Each of the four BEPS minimum standards is subject to peer review in order to ensure timely and accurate implementation.  The documents released form the basis on which the peer review processes will be undertaken.

Senate Finance Committee Votes to Approve Mnuchin’s Nomination:  The Senate Finance Committee voted to approve Steven Mnuchin’s nomination as Secretary of Treasury.  The vote was 14-0 with no Democrats voting.  Consideration of the nomination will proceed to the full Senate.