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NEWS

EU Pushes For Action On Tax At G20 Summit


05/09/2013

The Presidents of the European Commission and Council have said that the G20 should step up the fight against tax avoidance and evasion worldwide.

Setting out their aims for this week's G20 summit, José Manuel Barroso and Herman Van Rompuy said that the European Union (EU) will push for the automatic exchange of information to become the global standard. The EU will also strongly support the Organization for Economic Cooperation and Development's (OECD) Action Plan on base erosion and profit shifting (BEPS). Barroso and Van Rompuy expect the summit to endorse the Plan.

According to Van Rompuy, "The economic crisis has further stressed the need for all to pay their fair share of taxes."

The Presidents' comments follow up on their joint letter sent to the 28 EU heads of state and government in July, setting out the key issues they wanted to see the G20 discuss. It too stressed the need for a multilateral standard of automatic information exchange and the adoption of the OECD's BEPS Plan. The letter also explained that the Barroso and Van Rompuy would "urge the G20 to remain committed to ensuring that non-cooperative jurisdictions adhere to those standards in the areas of tax, anti-money laundering/combating the financial of terrorism, and prudential standards."

Barroso and Van Rompuy will head up the EU's delegation at the summit in St. Petersburg, which will take place from September 5-6. They will be joined by representatives from Argentina, Australia, Brazil, Canada, China, France, Germany, Italy, India, Indonesia, Japan, Mexico, the Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the UK, and the US.

www.taxnews.com

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