G7 leaders pledge to steadily adopt BEPS international tax measures

Leaders of the G-7 nations of the US, UK, Canada, France, Japan, Germany, and Italy, following their meeting in Ise-Shima, Japan, vowed to “lead by example” by implementing the OECD/G20 base erosion profit shifting (BEPS) package in a “steady, consistent, and concerted manner.”

Implementation of BEPS international tax standards “is critical to restore public trust in tax systems and to achieve a global level playing field,” the leaders said in a joint communique following their summit, held May 20–21.

The officials said they would encourage countries to join them at the first meeting of inclusive framework for implementing the BEPS tax standards, slated for June 30–July 1 in Koyto, Japan.

The officials also reaffirmed their desire to enforce international standards on tax transparency. The OECD has been tasked with developing objective criteria to identify non-cooperative jurisdictions and possible sanctions against them by July.

Further, the leaders said that developing country tax policy and administration must be improved. They pledged to enhance the quantity and quality of their assistance through coordination with countries and international organizations using the ‘Platform for Collaboration on Tax,’ which will be established jointly by the IMF, OECD, UN, and World Bank group.

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