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The average tax and social security burden on employment incomes increased in 26 out of 34 OECD countries in 2011 according to the new OECD Taxing Wages publication. Tax payers in Ireland, Luxembourg, Portugal and the Slovak Republic were among those hit with the largest increases.
The Global Forum on Transparency and Exchange of Information for Tax Purposes has just completed peer reviews of 11 jurisdictions. This brings to 70 the number of peer review reports completed since March 2010.
India has ratified the Convention on Mutual Administrative Assistance in Tax Matters, a multilateral agreement developed jointly by the Council of Europe and the OECD that was opened for signature to all countries in June 2011.
Greece has signed the Convention on Mutual Administrative Assistance in Tax Matters, a multilateral agreement that was developed jointly by the Council of Europe and the OECD and that is open for signature to all countries.
Increased domestic resource mobilization is widely accepted as crucial for countries to successfully meet the challenges of development and achieve higher living standards for all their people.
Uruguay has signed 7 new agreements providing for the exchange of tax information, showing its willingness to implement the global standards.
OECD countries acknowledge that taxes must play a role in the process of fiscal consolidation as they battle unprecedented budget deficits. In 2010, the majority of OECD governments have stabilised their tax to GDP, with the average ratio moving up slightly from 33.8% in 2009 to 33.9% in 2010.
Tax Transparency 2011: Report on Progress, a report prepared by the Global Forum on Transparency and Exchange of Information for Tax Purposes, was delivered to the G20 in Cannes and is now available to journalists.&
At this Financial Regulation Session of the G20 Leaders Summit, M. Gurría spoke of 'a comprehensive reform of the international financial architecture that should include financial inclusion, protection and education'.
"Tax co-operation and compliance are of crucial importance for all countries and citizens - and not only in times of a tight fiscal and budgetary environment,” said OECD Secretary-General Angel Gurría from the Cannes G20 Summit.