The OECD has released the first analysis of individual countries’ progress in spontaneously exchanging information on tax rulings in accordance with Action 5 of the BEPS package of measures.

The first annual report on the exchange of information on rulings evaluates how 44 countries, including all OECD members and all G20 countries, are implementing new minimum standards agreed in the OECD/G20 BEPS Project. Ireland fulfilled all of its obligations on exchanging information during 2017 and no follow up recommendations were necessary. The UK met its obligations aside from the fact that new assets of existing taxpayers that benefitted from the grandfathered IP regime was not collected and therefore not exchanged.