Archive for July, 2019

OECD seeks Feedback on Dispute Resolution In Cayman

Sunday, July 28th, 2019

The OECD has requested stakeholders’ input on the dispute resolution processes in place in the Cayman Islands as well as in other 9 jurisdictions – Andorra, Anguilla, Bahamas, Bermuda, the British Virgin Islands, the Faroe Islands, Macau (China), Morocco, and Tunisia.

The OECD is reviewing these jurisdictions’ implementation of the base erosion and profit shifting (BEPS) Action Plan minimum standard on tax treaty dispute resolution under Action 14. In partaking in the BEPS Inclusive Framework, the territories have committed to implementing this and the three other BEPS minimum standards and take part in peer review processes.

The OECD is seeking input from taxpayers, via a questionnaire, on specific issues relating to access to Mutual Agreement Procedure (MAP) resolution; the clarity and availability of MAP guidance; and whether MAP agreements are timely implemented in the Cayman Islands and other 9 jurisdictions.

As taxpayers are the main users of the MAP, their input is key for the review process.