International Tax Transparency Standards: G20 sets compliance deadline

The G20 leaders have set the deadline for the countries “including all financial centres and jurisdictions………to commit without delay to implementing the standards of automatic exchange of information by 2018 at the latest”. In a communique issued after their meeting in Hangzhou, China on 5th September, the leaders called for countries to “sign and ratify the Multilateral Convention on Mutual Administrative Assistance in Tax matters”.

While endorsing the ongoing work by the OECD in developing “the objective criteria to identify non-cooperative jurisdictions”, they urged the OECD to report back on “progress made by jurisdictions on tax transparency” at the next Ministers and Central Governors meeting scheduled for June 2017.

Read excerpts of the Communique