Grenada has joined the “Inclusive Framework on BEPS,” becoming the coalitions’ 123rd member, the OECD announced October 26.
By joining, Grenada has pledged to adopt “minimum standards” established in a 2015 agreement of OECD and G20 nations. The standards are designed to fight tax avoidance by multinational groups and improve cross-border tax dispute resolution.
Among the minimum standards agreed to by Inclusive Framework members is agreement to take part in a country-by-country reporting scheme that will allow tax authorities worldwide to obtain a better picture of multinational group activity. The data will aid in the assessment of whether there is a risk that a multinational is engaging in tax avoidance through transfer pricing or other means.
