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OECD released Stage 2 MAP Peer Review Reports for 13 jurisdictions including UAE, Bahrain, Oman & Qatar
Sec 10AA under which income tax act allows taxpayers to take deduction for businesses which are established in special economic zones ( SEZ) . It was done to attract foreign investment in India.
International taxation is witnessing lot of changes year after year. OECD has now released Stage 2 MAP Peer Review reports for 13 jurisdictions including Bahrain, Oman, Qatar, Thailand and United Arab Emirates.
OECD evaluates the progress made by these 13 jurisdictions in implementing the recommendations resulting from their Stage 1 peer review; The report takes into account any developments in the period January 2020 – October 2021 and builds on the Mutual Agreement Procedure (MAP) statistics for 2016-2020.
The press release apprises that overall 82 Stage 1 peer review and Stage 2 peer monitoring reports in all batches have been published by OECD, which thus completes Action 14 peer review process for all reviewed jurisdictions under the current Assessment Methodology.
The key highlights of the reports are as under::
- MLI was signed by Bahrain, Barbados, Kazakhstan, Oman, Qatar, Thailand, UAE and Viet Nam with the instrument already being ratified by Bahrain, Barbados, Kazakhstan, Oman, Qatar, Thailand and UAE, which will bring a substantial number of their treaties in line with the Action 14 minimum standard,
(ii) Aruba, Bahrain, Gibraltar, Greenland, Qatar, Thailand and UAE now have a documented bilateral notification/consultation process that they apply in cases where an objection is considered as being not justified by their competent authority,
(iii) Barbados, Greenland, Oman, Qatar, Thailand and VietNam have added more personnel to the competent authority function and/or have made organisational improvements with a view to handle MAP cases in a more timely, effective and efficient manner,
(iv) Aruba, Barbados, Qatar, Thailand, UAE and Viet Nam closed MAP cases within the pursued average time of 24 months, whereas Bahrain, Gibraltar and Saint Kitts and Nevis had no MAP experience,
(v) Bahrain, Gibraltar, Kazakhstan, Oman, Qatar, Trinidad and Tobago and UAE ensure that MAP agreements can always be implemented notwithstanding domestic time limits and
(vi) Aruba, Bahrain, Barbados, Gibraltar, Oman, Qatar, Saint Kitts and Nevis, Thailand and UAE have issued or updated their MAP guidance;