The leaders of the world's 20 largest economies have endorsed the Organisation for Economic Cooperation and Development's (OECD) proposed global standards to reduce tax evasion. 18 Nov 2015
At the G20 summit in Antalya, Turkey this week the leaders committed to implementing the OECD's Base Erosion and Profit Shifting (BEPS) project, the OECD said.
BEPS refers to the shifting of profits of multinational groups to low tax jurisdictions and the exploitation of mismatches between different tax systems so that little or no tax is paid. Following international recognition that the international tax system needed to be reformed to prevent BEPS, the G20 asked the OECD to recommend possible solutions. In July 2013, the OECD published a 15 point Action Plan and the final reports were published in October 2015.
At this month's Antalya meeting the G20 leaders asked the OECD to monitor progress on BEPS and to develop a framework to allow developing countries to join the project, the OECD said.
The G20 called on the OECD, IMF and World Bank to continue to monitor their commitment to boost growth, create jobs and tackle inequality through the National Growth Strategies established at last year’s Brisbane summit, according to the OECD.