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:
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