Daily Tax Update - July 5, 2017: OECD Releases Report to G20 Leaders, Public Comments on Draft BEPS Action 8 Guidance

OECD Releases Report to G20 Leaders, Public Comments on Draft BEPS Action 8 Guidance:  Today the Organization for Economic Cooperation and Development (OECD) released its OECD Secretary-General Report to G20 Leaders. The report describes 2017 as the “year of implementation,” referring to the implementation of the Common Reporting Standard (with the first automatic exchanges of financial account information to take place in September 2017), and to the implementation of the measures to address base erosion and profit shifting (BEPS). The report highlights the progress made by the OECD and the G20 in addressing tax avoidance and tax evasion during the last year.   

The OECD also released public comments on a discussion draft providing guidance under BEPS Action 8 (Implementation Guidance on Hard-to-Value Intangibles).