Corporate Tax Alert (21/06/2013)
G8 communiqué advocates multilateral exchange of information
World leaders attending the G8 meeting in Northern Ireland issued a communiqué on 18 June 2013 that endorses the multilateral sharing of tax information and the promotion of greater transparency in order to discourage tax evasion.
The communiqué confirms earlier anti-avoidance positions adopted by supranational bodies such as the G20 and the EU, provides for new initiatives and converts what previously were theoretical positions into concrete action points. The communiqué requests calls on the OECD to: (1) develop a standard template for country-by-country reporting of profits earned and taxes paid; and (2) enhance the quality and availability of information on comparable transactions. Just as the G20’s request at the end of 2012 led to the OECD issuing its report on Base Erosion and Profit Shifting (BEPS report) in early 2013, the G8’s new mandate is expected to lead to further OECD studies.
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