Reporting on G20 Summit meetings being held in St. Petersburg and attended by UK Prime Minister David Cameron and Chancellor George Osbourne, Her Majesty’s Treasury has confirmed that the world leaders:
- gave their backing to the Organisation for Economic Cooperation and Development’s (OECD) action plan on base erosion and profit shifting (BEPS), presented to G20 finance ministers at July’s Moscow meeting.
- committed to a new global standard based on automatic tax information exchange, and called on the OECD to draw up the standard by February 2014.
- called on all countries to join the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, an existing means of tax information exchange, in order to widen the number of countries benefiting from it.
- asked the OECD and other organisations to work together to develop a roadmap setting out how developing countries can participate in automatic information exchange.
For full details on the tax related decisions made by the G20 at the Russia Leaders Summit click here