According to Finance minster Ch. Khurelbaatar, Mongolia joined BEPS (Base erosion and profit shifting) project as 101st member country.
Base erosion and profit shifting (BEPS) refers to tax avoidance strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations. Under the inclusive framework, over 100 countries and jurisdictions are collaborating to implement the BEPS measures and tackle BEPS.
The first ever EU list of non-cooperative tax jurisdictions has been agreed by the Finance Ministers of EU Member States during their meeting in Brussels on 5th December, 2017.
In total, ministers have listed 17 countries for failing to meet agreed tax good governance standards and Mongolia is among them. In addition, 47 countries have committed to addressing deficiencies in their tax systems and to meet the required criteria, following contacts with the EU.
This unprecedented exercise should raise the level of tax good governance globally and help prevent the large-scale tax abuse exposed in recent scandals such as the "Paradise Papers".
According to Finance minster Ch. Khurelbaatar, Mongolia joined BEPS (Base erosion and profit shifting) project as 101st member country.
Base erosion and profit shifting (BEPS) refers to tax avoidance strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations. Under the inclusive framework, over 100 countries and jurisdictions are collaborating to implement the BEPS measures and tackle BEPS.
The first ever EU list of non-cooperative tax jurisdictions has been agreed by the Finance Ministers of EU Member States during their meeting in Brussels on 5th December, 2017.
In total, ministers have listed 17 countries for failing to meet agreed tax good governance standards and Mongolia is among them. In addition, 47 countries have committed to addressing deficiencies in their tax systems and to meet the required criteria, following contacts with the EU.
This unprecedented exercise should raise the level of tax good governance globally and help prevent the large-scale tax abuse exposed in recent scandals such as the "Paradise Papers".
