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OECD welcomes nations' commitment to tackle evasion

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The OECD invites comments by 14 April on a public discussion draft document, BEPS action 1: addressing the challenges of the digital economy.

Also, two discussion draft documents, BEPS action 2: neutralise the effects of hybrid mismatch arrangements, have been published. The first covers recommendations for domestic laws, and the second covers treaty issues. Both discussion drafts can be viewed at the OECD webite. Comments and suggestions should be sent by 2 May.

In addition, OECD secretary general Angel Gurría has welcomed moves by more than 40 countries – reinforced by EU leaders – to commit to a detailed timetable to step up the fight against tax evasion.

The European Council last week called on a number of European states to join a group of ‘early adopter’ countries committed to the new single global standard for the automatic exchange of information between tax authorities, developed by the OECD. The early adopters have publicly announced their commitment to implement the new standard on the basis of ambitious, specific and co-ordinated timelines. At the same time, Austria and Luxembourg dropped their objections to revision of the EU Savings Directive, thereby paving the way for its adoption today.

Mr Gurría said: ‘The commitment by so many countries and jurisdictions to implement the OECD’s Global Standard on the basis of a specific and ambitious timetable is good news for everyone who wants to see a fair and transparent international tax system. The rapidity with which the new norms are being developed and agreed shows that the political momentum for reform is now overwhelming.

‘Adopting the new global standard is not just a question of establishing co-operation between states, it is also about restoring the trust of citizens in government.’

Issue: 1210
Categories: News , International taxes