The Organisation for Economic Cooperation and Development (OECD) made up of 34 mostly developed countries has been leading the efforts to combat aggressive tax avoidance through base erosion and profit shifting (BEPS) especially by multinational companies. The OECD on 23 February 2016 invited all interested countries that are not members of the OECD to join the forum.
According to the OECD, the new forum will provide for all interested countries and jurisdictions to participate as BEPS Associates in an extension of the OECD’s Committee on Fiscal Affairs. As BEPS Associates, they will work on an equal footing with the OECD and G20 members on the remaining standard-setting under the BEPS Project, as well as the review and monitoring of the implementation of the BEPS package. See link below for further information.
It should be noted that on 27 January 2016, Nigeria, along with 30 other countries, signed the Multilateral Competent Authority Agreement for the automatic exchange of Country-by-Country (CbC) Reports which is one of the recommendations under the OECD Action Plans against tax avoidance. See a copy of our tax alert below for details.