The G20 ministers agreed on a first set of recommendations to address key areas in the OECD's action plan on base erosion and profit shifting (BEPS).
According to today’s EC release, the European Union has been actively involved in the OECD's work on the BEPS action plan, while also pushing forward its own “ambitious measures” to address tax avoidance in Europe.
The reports and recommendations agreed to by G20 Finance Ministers today present a number of solutions for addressing international tax avoidance, including:
Other issues—such as tackling harmful tax practices linked to intellectual property regimes (e.g. patent boxes) and tax rulings, will be developed over the coming year, as well as provisions concerning taxation of the digital economy.
At EU level, provisions to address corporate tax avoidance over the past year include:
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