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“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.”
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.
Many governments are facing historic high levels of deficit and debt. Public spending has risen and they are taking in less money as tax revenues fall. Governments are attempting to consolidate their budgets, looking for the appropriate balance between expenditure cuts and revenue increases.
Tax revenues fell in cash terms during 2009 in most OECD countries, driven downward by declining economic activity and tax cuts aimed at cushioning the effects of the recession that followed the financial crisis.
Transnational bribery enforcement under the U.S. Foreign Corrupt Practices Act (FCPA) has increased significantly since the last OECD evaluation of the implementation of the OECD Anti-Bribery Convention by the United States, according to a new OECD report.
As a result of details provided to the Global Forum on Transparency and Exchange of Information for Tax Purposes, Brazil and Indonesia are now ranked in the category of jurisdictions that have substantially implemented the internationally agreed tax standard.
The updated Convention was presented to Ministers and Ambassadors attending the annual OECD Ministerial meeting held in Paris and was signed.
Average tax and social security burdens on employment incomes fell slightly in 24 out of 30 OECD countries last year as governments struggled to shore up faltering economies amid the worst recession in decades.