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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.&
"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.
“Governments have signed more than 700 agreements to exchange tax information. These agreements have already yielded €14 billion in additional revenues, to 20 countries, from more than 100 000 tax payers who had hidden assets offshore.”
We no longer talk about commitments to change; today, we are making change happen. We are implementing the now universally accepted international standard of transparency and exchange of information, said OECD Secretary-General.
High unemployment rates, in the wake of the financial and economic crisis, have governments scrambling to create jobs. A new OECD report suggests that well-targeted tax reforms can encourage employers to hire more people and the jobless to look for employment.
Furthering efforts to fight against international tax evasion and bank secrecy, members of the Global Forum on Transparency and Exchange of Information for Tax Purposes have issued 12 new peer review reports.
The economic crisis means global corporate losses have increased significantly. Though most of these claims are justified, some corporations use ‘aggressive tax planning’ to avoid taxes. Governments are working together to detect and deter these undue tax advantages.
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Following the invitation for public comment on the VAT/GST Guidelines on Neutrality, the OECD has now published the comments received. These comments were very supportive of the Guidelines and will be used to develop further guidance on their implementation in practice.
Countries must boost international co-operation as they redesign their tax systems to meet future revenue needs and economic competitiveness challenges, said OECD Secretary-General Angel Gurría.
India faces the same challenges as every OECD member country: how to adapt its domestic tax system and its international tax policies to a borderless economy, and how to ensure that the approaches embraced today will be well suited to meet the needs of the economy of tomorrow, said OECD Secretary-General. OECD can offer to India a forum for sharing worldwide experiences and benchmarking national policies against best practices, a