The Leaders’ Declaration issued at the end of the G7 summit on 8 June 2015 reaffirmed the commitment of the G7 leaders to finalizing the recommendations of the OECD/ G20 action plan on base erosion and profit shifting (BEPS) by the end of 2015. They also emphasized the importance of effective implementation of the recommendations and urged the OECD to implement a targeted monitoring process.
The G7 leaders are also committed to the promotion of the automatic exchange of information on cross-border tax rulings. They are looking for a quick implementation of the single global standard for automatic exchange of information by the end of 2017 or 2018, including all financial centers. They urged jurisdictions that have not yet implemented the information exchange standard to do so without delay.
The Declaration recognized the importance of transparency of beneficial ownership in fighting tax evasion and other activities involving illicit flows of finance. The G7 leaders are committed to working with developing countries on the international tax agenda and will help with capacity building in their tax administrations.
The leaders will aim to improve international information networks and cross-border cooperation on tax matters. They are committed to establishing binding mandatory arbitration to ensure that the risk of double taxation is not an obstacle to international trade and investment and are supportive of the work already done on binding arbitration as part of the BEPS project.
