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EU Welcomes G20 Tax Declaration

by Ulrika Lomas,, Brussels

09 September 2013

The Presidents of the European Council and Commission have said that they are "highly satisfied" that a new global standard for the automatic exchange of tax information will be implemented by G20 members from 2015.

Commenting on the results of last week's G20 Summit in St. Petersburg, Herman Van Rompuy and Jose Manuel Barroso praised their fellow leaders for "taking action to make sure that companies and individuals pay the taxes they are due and which are badly needed in these difficult times to invest in our future." They also welcomed the G20's endorsement of work by the Organization for Economic Cooperation and Development (OECD) on base erosion and profit shifting (BEPS), describing this as sending "a powerful signal."

The Presidents will continue to provide their expertise and experience as the process moves forward.

The G20 has asked the OECD to present it with a new standard for automatic information exchange, together with a Model Competent Authority Agreement, by next February. In the meantime, the Global Forum on Transparency and Exchange of Information for Tax Purposes will establish a mechanism for monitoring and reviewing the implementation of the new standard.

Leaders also agreed to fifteen actions they believe are necessary for tackling BEPS. The main thrust of their published declaration is that countries must work together to establish rules for cracking down on BEPS. Future changes could mean that multinational corporations are required to provide all relevant governments with information on their global allocation of income, economic activity and taxes paid.

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