OECD: G20 leaders endorse BEPS, automatic exchange of information projects

OECD: G20 leaders endorse BEPS

Leaders of the world’s 20 largest economies endorsed a plan to overhaul global standards, in an effort to counter tax evasion.

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At their meeting in Turkey, the G20 leaders committed to the implementation of the base erosion and profit shifting (BEPS) project that would address gaps that allow corporate profits to “disappear” or artificially shifted to low or no tax jurisdictions. The G20 leaders called on the OECD to monitor progress and to develop, by early next year, an inclusive framework including the participation of developing economies on equal footing.

As noted in the OECD release, the G20 leaders also welcomed progress being made to boost transparency and fairness in the global tax system, reaffirming their commitments to ımplement an automatic exchange of information system as early as 2017, and by 2018 at the latest.

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