G20 final communiqué comments on international tax

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The final communiqué from the G20 summit held on 7 and 8 July 2017 covers international tax among other matters. The G20 reaffirmed its commitment to the implementation of the project on base erosion and profit shifting (BEPS) and encouraged jurisdictions to join the Inclusive Framework that is working to implement the BEPS recommendations globally.

The G20 also welcomed the first automatic exchange of financial account information in 2017 under the common reporting standard (CRS) and encouraged jurisdictions to begin exchanging this information by September 2018 at the latest.

On tax transparency the G20 noted progress on implementation of the agreed standards and requested an updated list of jurisdictions from the OECD by the next G20 summit. The G20 will consider defensive measures against jurisdictions not complying with the standards by then. The standards on transparency and information on beneficial ownership of legal persons and its availability in the cross-border context was also mentioned in the context of cooperation with the OECD.

The communiqué also mentions cooperation between the OECD and G20 on tax certainty and tax challenges arising from the digital economy.

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