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G5 Ministers on Automatic Information Exchange and BEPS

On April 28th, 2014 the G5 Ministers held a meeting on tax fraud and evasion to discuss their common work and to decide further action. At the meeting, the Ministers stressed the importance of automatic exchange of information (AEOI) to tackle tax fraud, in particular off-shore tax evasion, and to promote tax compliance. They also made the decision to move forward with making arrangements to sign AEOI agreements along with 39 other jurisdictions that have committed to adoption of the new OECD global standard for exchange of information published in January of 2014.

The process for signature should be completed before the Global Forum meeting in Berlin on October 28th to 29th, 2014. The goal is to begin exchange on information in 2017 with regard to information collected from December 31st, 2015.

The G5 ministers also reiterated their support for the OECD Base Erosion and Profit Shifting (BEPS) project. In regard to the BEPS project, the Ministers covered several key areas, including:

  • In order to counter challenges raised by the digital economy, the G5 Ministers agreed on the interest of a flexible interpretation of the currently acknowledged territoriality rules, and that new concepts such as the Digital Tax Presence could be contemplated if necessary
  • In terms of transfer pricing, the Ministers agreed that transfer pricing rules must be adapted to ensure that profit and value creation are aligned, and enable national tax administrators to better set into question transactions or structures that are not economically justified
  • The ministers discussed and stressed the importance of country-by-country reporting as well as the need to tackle avoidance through hybrid mismatch arrangements
  • Lastly, the Ministers concluded that the international development on BEPS must be shown at the EU level, and agreed to encourage the Commission to review the EU law, assess its impact on aggressive tax planning practices and, on this basis, propose necessary measures

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