The international community continues making tremendous progress in the fight against offshore tax evasion, as implementation of innovative transparency standards by the Global Forum on Transparency and Exchange of Information for Tax Purposes moves countries ever closer to the goal of eradicating banking secrecy for tax purposes.
The Platform for Collaboration on Tax (PCT) – a joint initiative of the IMF, OECD, UN and World Bank Group – is seeking feedback from the public on a draft toolkit designed to help developing countries build capacity in tax treaty negotiations.
Tax Transparency in Africa 2020, launched today as part of the Africa Initiative, depicts the state of play for 32 African Union Member States, members of the Initiative and three non-members. It shows the progress achieved on the two cornerstones of the Initiative: (i) raising political awareness and commitment, and (ii) developing capacities in tax transparency and exchange of information (EOI).
Today, Kazakhstan deposited its instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS) with the OECD's Secretary-General, therewith underlining its strong commitment to prevent the abuse of tax treaties and BEPS by multinational enterprises. For Kazakhstan, the MLI enters into force on 1 October 2020.
“Addressing the tax challenges arising from the digitalisation of the economy is long overdue,” said OECD Secretary-General Angel Gurría. “All members of the Inclusive Framework should remain engaged in the negotiation towards the goal of reaching a global solution by year end, drawing on all the technical work that has been done during the last three years, including throughout the COVID-19 crisis.
The Platform for Collaboration on Tax released a Toolkit on the Taxation of Offshore Indirect Transfers providing guidance on the design and implementation issues when one country seeks to tax gains on the sale of interests in an entity owning assets located in that country by an entity which is a tax resident in another country.
Today, at the Thai Embassy in Paris, His Excellency Sarun Charoensuwan, Ambassador of Thailand in France, signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (the Convention). Thailand is the 137th jurisdiction to join the Convention.
Recovery from the profound impacts of the COVID-19 pandemic on people’s lives, jobs, businesses and the wider economy is likely to be lengthy, challenging and multifaceted, with tax administrations playing a critical role in restoration planning, according to a new OECD report.
Today, the Czech Republic and Korea deposited their instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS) with the OECD’s Secretary-General, therewith underlining its strong commitment to prevent the abuse of tax treaties and BEPS by multinational enterprises. The MLI enters into force for both countries on 1 September 2020.
Tax revenues in Latin America and the Caribbean (LAC) increased to 23.1% of GDP on average in 2018, according to the new edition of Revenue Statistics in Latin America in the Caribbean published today. However, these gains are now under threat as a result of the region’s deteriorating fiscal outlook, which has been exacerbated by the Covid-19 pandemic.