Azerbaijan and the Kingdom of Lesotho have joined the Global Forum on Transparency and Exchange of Information for Tax Purposes. As the 119th and 120th members of the Global Forum, they will participate in the peer review process which encourages all countries to adopt effective exchange of information in tax matters.
Global solutions are needed to ensure that tax systems do not unduly profit multinational enterprises, leaving citizens and small businesses with bigger tax bills.
The amount of cross border portfolio investment exceeds 35 trillion USD. To encourage growth and cross-border investment more than 3000 tax treaties around the world based on the OECD Model reduce source taxation on a reciprocal basis.
Two new OECD reports provide wide-ranging evidence of how reforming subsidies and tax breaks for fossil fuels can help countries boost finances and meet green objectives.
Guatemala has signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters allowing it to be removed from the list of countries that have not yet substantially implemented the internationally agreed tax standard.
Tax revenues in Latin American countries are lower as a proportion of their national incomes than in most OECD countries, but are rising slowly. Revenue Statistics in Latin America shows that the average tax revenue to GDP ratio in the 15 Latin American countries covered by the report increased from 19% in 2009 to 19.4% in 2010, after falling from a high point of 19.7% in 2008.
At the Global Forum in Cape Town, South Africa, delegates from 81 jurisdictions and 11 international organisations evaluated whether all Forum members are exchanging tax information effectively.
The OECD and the African Tax Administration Forum (ATAF) have signed a Memorandum of Co-operation, agreeing to work together to improve tax systems in Africa.
In most OECD countries tax revenues are continuing to rise in relation to GDP from the 2008-09 declines seen at the beginning of the crisis, according to OECD’s annual Revenue Statistics. OECD countries collected about 34.0% of GDP in taxes in 2011, compared with 33.8% in 2010.
Burkina Faso and Cameroon have joined the Global Forum on Transparency and Exchange of Information for Tax Purposes. As 112th and 113th members of the Global Forum they will participate in the peer review process which encourages all countries to adopt effective exchange of information in tax matters.