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G7 Renews Commitment To Tackling BEPS

by Ulrika Lomas, Lowtax.net, Brussels
09 June, 2014

The leaders of the Group of seven nations (G7) have reiterated their commitment to reducing opportunities for tax avoidance, and said that they look forward to the rapid implementation of the new single global standard for the automatic exchange of tax information.

The pledge is made in a communique signed by the leaders at their meeting in Brussels this week.

In particular, they reference the work undertaken by the Group of 20 (G20) nations and the Organisation for Economic Cooperation and Development (OECD) to clamp down on base erosion and profit shifting (BEPS). They committed to continue to support developing countries in strengthening their tax bases, and have renewed their commitment to preventing the misuse of companies and other legal arrangements.

According to the communique, the leaders intend to ensure that beneficial ownership information is available to financial intelligence units, tax collection, and law enforcement agencies. The information should be provided in a "timely fashion," the communique says.

They also agreed that their nations will lead by example in implementing the Financial Action Task Force's recommendations on tackling money laundering and the financing of terrorism as well as other relevant international standards. They will also stick to the national action plans drawn up in line with the principles agreed at the 2013 Lough Erne summit.

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