G20 Leaders endorsement
At the G20 Leaders Summit held at Antalya on 15-16 November 2105, immediately following the Paris bombings, the Leaders ‘endorsed’ the OECD’s BEPS package of measures. This was not merely a rubber stamping of a done deal; rather it demonstrates the Leaders continuing commitment to achieving a globally fair and modern international tax system, and the recognition by them that the really hard work lies ahead. Some extracts from the Communique demonstrate this intent:
“Widespread and consistent implementation will be critical in the effectiveness of the project, in particular as regards the exchange of information on cross-border tax rulings. We, therefore, strongly urge the timely implementation of the project and encourage all countries and jurisdictions, including developing ones, to participate.”
“We are progressing towards enhancing the transparency of our tax systems and we reaffirm our previous commitments to information exchange on-request as well as to automatic exchange of information by 2017 or end-2018. We invite other jurisdictions to join us.”
The OECD has been called upon to develop a framework by early 2016 to monitor the implementation of the BEPS measures internationally. This process is to be inclusive and open to all interested developing countries, with the global institutions – OECD, UN, IMF and World Bank – providing technical assistance as required.
“We support the efforts for strengthening developing economies’ engagement in the international tax agenda.”
To read the RSM summary of the final BEPS reports, click here.