The fund management industry could be exempt from proposed new tax avoidance rules after the global body responsible for drafting them said it would take a closer look at whether they should apply to the industry.

The Organisation for Economic Co-operation and Development this week released seven draft recommendations for clamping down on tax-avoidance as part of its G20-mandated Action Plan on Base Erosion and Profit Shifting (BEPs) which is due to be implemented this year. A further eight recommendations are due later this year.