The Organisation for Economic Cooperation and Development today announced that Thailand has joined the “inclusive framework” for purposes of the base erosion and profit shifting (BEPS) project and will participate on an equal footing with all other members at the next plenary meeting scheduled for 21-22 June 2017.
The OECD release explains that the inclusive framework was established in January 2016, to allow for the involvement of interested non-G20 countries and jurisdictions, including developing economies. Under a joint induction program for implementation of the international standards on exchange of information and of the BEPS measures, Thailand will aim to implement new international tax standards with a focus on country-by-country reporting and the other BEPS minimum standards, and the standards for exchange of information on request and for the automatic exchange of financial account information (the common reporting standard).
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