Daily Tax Update - June 2, 2017: Thailand Joins BEPS Inclusive Framework

Thailand Joins BEPS Inclusive Framework:  The Organization for Economic Cooperation and Development (OECD) announced today that Thailand became the 98th jurisdiction to join the inclusive framework on Base Erosion and Profits Shifting (BEPS). The inclusive framework is intended to allow non-OECD members to work with OECD members on developing standards on BEPS-related issues and reviewing and monitoring the implementation of the whole BEPS package.

OECD Announces Action to Combat Offshore Tax Evasion:  On June 1, the OECD announced that several submissions to its recently launched public disclosure facility have led Hong Kong tax authorities to issue new guidance intended to prevent taxpayers from misusing “occupational retirement schemes” to avoid Common Reporting Standard (CRS) reporting. The OECD announcement also states that a number of other disclosures through the facility (including disclosures concerning a number of residence-by-investment programs) are being examined by the OECD and authorities in other jurisdictions. The OECD announced on May 5 that it had established the disclosure facility for voluntary reporting of information on potential schemes, products and/or structures that may be used for circumventing the automatic exchange of financial account information under the CRS.