G20 finance ministers and central bank governors, in a communique released following their September 5 meeting in Ankara, Turkey, called on the OECD to establish a framework by early 2016 on the implementation of OECD/G20 base erosion and profit shifting (BEPS) plan outcomes.
“We will continue to work on an equal footing as we monitor the implementation of the BEPS project outcomes at the global level, in particular, the exchange of information on cross-border tax rulings. We call on the OECD to prepare a framework by early 2016 with the involvement of interested non-G20 countries and jurisdictions, particularly developing economies on an equal footing,” the G20 ministers said.
The success of the BEPS project will be determined by whether its output attains “widespread and consistent implementation,” the G20 ministers said.
The final package implementing the 15 BEPS action plan items is expected be complete in time for the ministers’ review to review it at their October 8 meeting in Lima, Peru. After that, the package will be submitted to G20 leaders for final approval at their November 15-16 meeting in Antalya, Turkey.
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Update: See also: OECD Secretary-General Report To G20 Finance Ministers
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