The first meeting of the Organisation for Economic Cooperation and Development's (OECD) Base Erosion and Profit Shifting (BEPS) inclusive framework was held in Kyoto, Japan on June 30. The two-day meeting brought together representatives from over 80 countries and marks another milestone in the BEPS project. At the close of the first day of the meeting, the OECD issued a press release informing that 36 new countries have joined the BEPS inclusive framework bringing to 82 the number of countries participating in the BEPS project. This group of countries committed to implement the minimum standards of the BEPS package. Another 21 countries attending the meeting will participate as invitees while they consider whether to commit to the implementation of the BEPS package. Furthermore, during the meeting, a third signing ceremony of the Multilateral Competent Authority Agreement for the automatic exchange of Country-by-Country (CbC) reports also took place, where five additional countries signed, bringing the total to 44.

A Tax Alert prepared by Ernst & Young Netherlands, and attached below, provides additional details.

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Full text of Tax Alert 2016-1161