G7 finance ministers and central bank governors agreed at a meeting in Dresden held May 27–29 that the mechanisms used to settle tax disputes between nations need to be improved, German Finance Minister Wolfgang Schaeuble said.
Schaeuble told a press conference following the meeting that the officials agreed that countries need to fix “every day” tax administration problems, such as improving tax dispute resolution. The group also pledged to promote the use of joint audits and increase cooperation through use of international information networks, he said.
Schaeuble said the G7 countries — France, Germany, Italy, the United Kingdom, Japan, the United States, and Canada — also wish to help developing nations improve the capacity of their tax administrations. This issue will be raised at the G7 summit, to be held in Elmau, Bavaria, on June 7 and 8, he said.
He also said that the countries acknowledged that the digitization of society and the economy will create enormous challenges for tax regimes. “It is crucial to have a debate on the issue at an early stage, and more frequently,” he said.
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