The finance ministers of the five largest economies of Europe committed last year to arrange for the automatic exchange of tax information between them. The ministers have now confirmed that the implementation of this project is to commence from 2017. A total of forty-four countries have joined the project and are to sign the relevant undertakings at the meeting of the OECD’s Global Forum in October 2014. At a meeting on 28 April 2014 the ministers encouraged more financial centers to join the initiative to help combat tax evasion. The G5 ministers also expressed their support for the OECD project on base erosion and profit shifting (BEPS).