ALONG the expected line the G20
Meet of Finance Ministers has endorsed the OECD proposal for the Common
Reporting Standard for automatic Exchange of tax information on a reciprocal
basis. It also expressed its commitment to help developing countries
grow their revenue bases and effectively tackle BEPS.
As
per the official communique, the G20 has set the deadline of 2018 for implementing
the automatic exchange of information to cub cross-border tax evasion. Whether
it would allow retrospectivity for certain period is not yet clear but experts
believe that the swelling global pressure from some countries like India
may see some changes in that direction.
The
G20 also urged all financial centres to make this commitment by the time
of the Global Forum meeting in Berlin, to be reported at the Brisbane Summit,
and support efforts to monitor global implementation of the new global standard.
It also supported further coordination and collaboration by tax authorities
on their compliance activities on entities and individuals involved in cross-border
tax arrangements.
|
