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G7 Declaration Following Japan Summit Encourages Adoption of BEPS Measures and Measures to Improve Transparency

The leaders of the G7 have issued a declaration following their summit held 26 to 27 May 2016 in Ise-Shima, Japan. Regarding tax and transparency, the G7 leaders stated the following.

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Steady, consistent and concerted implementation of the G20/OECD Base Erosion and Profit Shifting (BEPS) package is critical to restore public trust in tax systems and to achieve a global level playing field for all engaged in economic activities. We remain committed to lead the process by example. To ensure widespread implementation of the BEPS package, we encourage all relevant and interested countries and jurisdictions to commit to implement the BEPS package and join the new inclusive framework, noting that the first meeting will be held in Kyoto in June.

To restore public trust in tax systems by enhancing transparency of tax information, we reaffirm G20’s call on all relevant countries including all financial centers and jurisdictions to implement the standard on automatic exchange of information by committed deadline and to sign the Multilateral Convention, as well as the request to the OECD to establish the "objective criteria to identify non-cooperative jurisdictions with respect to tax transparency." These actions, together with possible defensive measures to be considered against non-cooperative jurisdictions, will help ensure that all relevant countries and financial centers are committed to implementing the agreed standard of tax transparency.

We recognize that strengthening capacity of developing countries in tax policy and administration is indispensable to level the global playing field. To enhance both quantity and quality of assistances in this area, we are committed to the principles of the Addis Tax Initiative along with encouraging other countries to make a similar commitment, and we request that the Platform for Collaboration on Tax be actively utilized to provide an opportunity where developing and developed countries and relevant organizations can share information and knowledge on a regular basis.

Improving the transparency of the beneficial ownership of legal persons and legal arrangements is vital to prevent misuse of these entities and arrangements for corruption, tax evasion, terrorist financing and money laundering. We commit to the implementation of the international standards on transparency, and call on all jurisdictions to do so. In this respect, we look forward to the initial proposals of the Financial Action Task Force and the Global Forum on Transparency and Exchange of Information for Tax Purposes on ways to improve the implementation of the international standards, including on the availability of beneficial ownership information and its international exchange, to be presented by the October meeting of G20 Finance Ministers and Central Bank Governors.

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Click the following link for the full G7 Ise-Shima Leaders’ Declaration as published by the Japanese government.

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