August 23, 2014 1:37:22 am
Indicating more progress amongst countries in tackling tax evasion and avoidance, finance ministers of G20 countries are expected to outline the timelines and approaches for implementing the common reporting standards devised for the automatic tax information exchange between member nations.
“G20 countries have already agreed to a common reporting standard for automatic exchange of tax information …timelines and approaches will be discussed in the September meeting of finance ministers,” said Barry Sterland, Australian G20 finance deputy secretary.
Finance ministers and central bank governors of G20 countries are slated to meet in Cairns, Australia, for a two-day summit on September 20 and 21 that will lead up to the G20 leaders meeting in November.
The framework that was devised by the OECD was accepted by member countries in February this year under which countries would collect information from financial institutions in their jurisdiction and share it with other nations.
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Terming it a “reasonably ambitious” timeline, Sterland, however, said that a group of countries known as the early adopters have agreed to implement the measures in a rapid manner. According to the OECD, these countries which include Argentina, Belgium, Greece, Germany and France are expected to implement the standards by end 2017.
Major financial centres including Switzerland may also be expected to implement the standards quickly. “The last couple of communiques have indicated that major financial centres should also act early on this,” Sterland said.
Meanwhile, finance ministers may also take up the contentious issue of trade facilitation agreement under the World Trade Organization that is yet to be implemented by its 160 member nations after India refused to sign the pact, seeking some assurance that a permanent solution on food subsidy would be found.
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