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OECD Supporting Georgia On BEPS Implementation

by Mary Swire,, Hong Kong

19 October 2017

A delegation from the OECD recently visited Georgia to meet with high-level officials to discuss the country's progress in implementing the agency's international standards, developed to combat tax evasion and avoidance.

The OECD delegation met with the head and deputy of the tax agency to discuss the measures that Georgia has put in place to counter base erosion and profit shifting and the frameworks it has in place to use tax information obtained from other countries and share information with other territories to combat fiscal crime.

Georgia is a member of the BEPS Inclusive Framework, which means it has committed to implementing the four minimum standards, on harmful tax practices, tax treaty abuse, country-by-country reporting, and improving dispute resolution mechanisms. The delegation was in Georgia to assist the tax agency with implementing these recommendations, particularly in the area of introducing and enforcing country-by-country reporting rules.

The discussions also focussed on the standards for exchange of information on which Global Forum members, including Georgia, are working together to monitor and to review implementation. The visit was organized back to back with a seminar delivered by the Global Forum Secretariat on October 17-18, 2017. According to the OECD, the aim of the "Regional Platform Meeting on Automatic Exchange of Information" was to facilitate a regional dialogue between countries that are facing similar choices and challenges relating to the implementation of the AEOI Standard, through which countries will soon share financial information pertinent for tax matters on an automatic basis.

In this regard, at that meeting, participants agreed on the importance of a new technical assistance project to support authorities in the region, which has now been launched, with the delegation's visit to Georgia, with the support of Germany's Federal Ministry of Finance and the Global Forum Secretariat.

TAGS: Finance | tax | transfer pricing | Georgia | standards | BEPS

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