G20 Leaders Push For Tax Transparency

G20 leaders have met during the summit in Hangzhou, China, held September 4–5, where they shared their views on current international tax environment. The countries endorsed a proposal on the objective criteria to identify non-cooperative jurisdictions with respect to tax transparency.

Endorsing BEPS

In the G20 communiqué, countries welcomed the establishment of the G20/OECD Inclusive Framework on BEPS and support timely, consistent and widespread implementation of the BEPS package. Countries call upon all relevant and interested countries and jurisdictions that have not yet committed to the BEPS package to do so and join the framework.

Tax Transparency

The countries likewise call on countries including all financial centers and jurisdictions to commit to implementing the standard of automatic exchange of information by 2018 if they have not done so. G20 leaders have also endorsed the proposals made by the OECD working with G20 members on the objective criteria to identify non-cooperative jurisdictions with respect to tax transparency. 

Pro-growth Tax Policies

The G20 countries ask the OECD and IMF to continue working on the issues of pro-growth tax policies and tax certainty. In this connection, China would make its own contribution by establishing an international tax policy research center for international tax policy design and research, the communiqué informed.

EU Decision on Apple Ireland Case

President Obama did not mention recent EU decision on Apple Case, which sparked lot of controversy in the US. European Commission President Jean-Claude Juncker stated in Hangzhou that the ruling against Apple was clearly based on facts and existing rules and was not a decision aimed against the United States.

President Barack Obama pointed out that the United States had to move in concert with other countries on the issue of tax avoidance, stating that coordination with some closest allies is needed as they are "racing to the bottom in terms of how they enforce their tax policies."

Sources: G20 Communiqué, Reuters, OECD Report to G20


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