The Organisation for Economic Cooperation and Development (OECD) today issued a progress report for leaders of the “G20” countries concerning efforts toward creating an effective international tax system.
The latest Report from OECD Secretary-General Angel Gurría to G20 Leaders [PDF 8.4 MB] updates progress in key areas of OECD-G20 tax work, including movement towards automatic exchange of information between tax authorities and implementation of key measures to address tax avoidance by multinationals. The report to G20 leaders highlights progress in each of the areas where OECD has been mandated to boost international co-operation on tax issues—including ongoing movement towards greater transparency, and implementation of the common reporting standard (CRS) and the first automatic exchanges of financial account information (AEOI) to take place in September 2017. The OECD reported that some 2,000 bilateral exchange relationships have been established for AEOI, with 500,000 people having disclosed offshore assets resulting in approximately €85 billion in additional tax revenue identified as a result of voluntary compliance mechanisms and offshore investigations.
The OECD release also notes that implementation continues on measures to reduce tax avoidance by multinational enterprises under the G20/OECD base erosion and profit shifting (BEPS) project. The OECD has established a peer review process to assess implementation of the BEPS minimum standards, and work continues on pending issues including transfer pricing.
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