Asia-Pac Tax Commissioners Meeting In Sydney

by Mary Swire, Tax-News.com, Hong Kong

24 November 2014

Tax Commissioners from the Asia-Pacific are meeting in Sydney this week to agree on a regional plan to tackle profit shifting and base erosion (BEPS) and improve tax transparency and cooperation.

Australian Taxation Commissioner Chris Jordan is hosting the 44th meeting of the Study Group on Asian Tax Administration and Research (SGATAR), which takes place between November 24-27, 2014.

Jordan said: "There is unprecedented global cooperation to make sure profits are taxed where income is earned. We've seen significant commitments from the Group of Twenty nations (G-20), and this forum will progress the BEPS action plan and greater tax transparency in the Asia-Pacific."

He added that attendees will work together to ensure that all SGATAR members are ready to adopt the Organisation for Economic Cooperation and Development's (OECD's) Common Reporting Standard (CRS), as the new global model for the automatic exchange of information. "We all need to make sure our systems are ready to analyze the significant amounts of data we will receive," Jordan said.

SGATAR members account for approximately 26.5 percent of world economic output. This is expected to increase to 35 percent by 2030. "We are lucky to be a part of a region that is experiencing rapid economic growth, but in order to support this growth we need to create a robust and cohesive tax environment in the region," Jordan said.

The SGATAR includes Australia, China, Hong Kong, Indonesia, Japan, South Korea, Macao, Malaysia, Mongolia, New Zealand, Papua New Guinea, The Philippines, Singapore, Chinese Taipei, Thailand, and Vietnam.

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