The leaders of the world’s 20 largest economies have endorsed the new global standards to crack down on tax fraud.
They have asked the OECD to monitor progress and to develop, by the beginning of next year, a unifying framework putting developing and developed economies on an equal footing.
This is part of the project on Base Erosion and Profit Shifting (BEPS) which aims to close the loopholes that allow multinational companies to “disappear” their profits or artificially transfer them to low or no-tax jurisdictions.
The leaders praised the progress made to increase the transparency and fairness of the international tax system, reaffirming their commitment to implement the automatic exchange of information as soon as possible in 2017 and by 2018 at the latest.
