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The Government of the British Virgin Islands today announced, in conjunction with the Organisation of Economic Co-operation and Development (OECD), that it will host a meeting for the Caribbean region on the subject of Base Erosion and Profit Shifting (BEPS) on 13th December 2016.
The Initiative, which was launched in July 2013 following a directive by the G20, has led to the creation of 15 specific actions that will give governments the domestic and international instruments to prevent corporations from paying little or no tax.
Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE said: “This is one of the most significant initiatives the OECD has proposed and is likely to have implications for every country in the region. Following discussions with the OECD we agreed that it was beneficial to hold a regional meeting for the Caribbean as well as relevant regional organisations, including CARICOM and the OECS, to discuss the Initiative in more detail and examine how we move forward.”
Pascal Saint-Amans, Director of the Centre for Tax Policy and Administration at the OECD said: “We have received worldwide support for this new initiative with 85 countries already signed up to the inclusive framework and participating fully in moving the BEPS Initiative forwards. I welcome the leadership role that the British Virgin Islands Government has played in inviting the OECD and colleagues across the Caribbean to participate in this important meeting to discuss in more detail how the region can play its part”.