The OECD has released a progress report from the Inclusive Framework on Base Erosion and Profit Shifting (BEPS), revealing the impact of international efforts to prevent the abuse of preferential and no/nominal tax regimes (also known as ‘tax havens’). The report indicates the extent of continuing work to end harmful tax practices and seeks to ensure that in future all preferential regimes require real substance. Key updates include the amendment of Australia’s offshore banking unit regime and that parking mobile business income in no/nominal tax jurisdictions will become more difficult.