The OECD report on harmful tax incentives provides details on reviews of 164 preferential tax regimes. Some preferential tax regimes are considered harmful – where these encourage the erosion of other jurisdictions’ tax bases. All 102 members of the BEPS Inclusive Framework have committed to ensuring that any regimes offered meet the criteria that have been agreed as part of BEPS Action 5. Crucially, this includes a requirement that taxpayers benefiting from a regime must themselves undertake the core business activity, ensuring the alignment of taxation with genuine business substance. Of the 164 regimes reviewed in the last twelve months: * 99 require action. * For 93 of these 99 regimes, the required changes have already been completed or initiated by Inclusive Framework members, * 56 regimes do not pose a BEPS risk, * 9 regimes are still under review, due to extenuating circumstances such as the impact of the recent hurricanes on certain Caribbean jurisdictions. OECD 2017-progress-report-on-preferential-regimes ... Read more