Tax Avoidance: Base Erosion and Profit Shifting

Lord Kirkhope of Harrogate Excerpts

Monday 2nd November 2020 Lords Chamber

[Lord Kirkhope of Harrogate (Con) [V]]

My Lords, I suggest that there is a lack of consensus, especially relating to the new proposed OECD framework. In view of that, what progress has been made on action 14—the peer review process, which ends in 2021—to improve dispute resolution between jurisdictions?

[Baroness Penn (Con)]

My noble friend is right. These negotiations are complicated, and they involve more than 100 jurisdictions. Although it is difficult, I welcome the progress that we manage to make. My noble friend is also right about action 14: the peer review process is under way. More than 45 jurisdictions have been reviewed so far and around 990 recommendations issued as a result of that process.