(September 22, 2014)

During the meeting of the G20 Finance Ministers and Central Bank Governors, which was held in Cairns on September 20-21, 2014, the G20 welcomed the progress achieved towards the completion of the two-year G20/OECD Base Erosion and Profit Shifting (BEPS) Action Plan and committed to finalising all action items in 2015.

 

Furthermore during the same meeting the G20 endorsed the finalised global Common Reporting Standard for automatic exchange of tax information on a reciprocal basis. According to the communiqué as issued by the G20 in respect to this meeting, the finalised global Common Reporting Standard for automatic exchange of tax information on a reciprocal basis will provide a step-change in the ability to tackle and deter cross-border tax evasion. Furthermore the communiqué states that the G20 countries will begin exchanging information automatically between each other and with other countries by 2017 or end-2018, subject to the completion of necessary legislative procedures.

 

Click here to be forwarded to the full text of the communiqué as released by the G20 with respect to the meeting of the G20 Finance Ministers and Central Bank Governors, which was held in Cairns on September 20-21, 2014.

 

 

Copyright – internationaltaxplaza.info

 

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