For Whom the Bell (May) Toll: Tougher Incentives with Respect to Information Exchange
Included in the latest Communiqué of the G20 Finance Ministers and Central Bank Governors meeting, which took place on 4 and 5 September 2015 in Ankara, Turkey, we find the following report:
Report on Possible Tougher Incentives for Failure to Respect the International Exchange Information on Request Standards
This report proposes “tougher incentives and implementation processes, to deal with those countries which fail to respect Global Forum standards on exchange of tax information on request”.
Among the actions envisioned, the report suggests:
- Further publicising the Global Forum ratings to amplify their reputational impact.
- Restrictions in relation to the routing of investments through jurisdictions failing to respect the EOIR standard.
Reputational risk and transparency issues are rapidly becoming inescapable components of both corporate governance and international tax governance, as we firmly enter the BEPS-era.
The complete report is available here.
Robert Robillard, Ph.D., CPA, CGA, MBA, M.Sc. Econ.
Senior Partner, DRTP Consulting Inc.
514-742-8086; robertrobillard “at” drtp.ca
DRTP Consulting Inc. solutions go beyond transfer pricing and international tax solutions. The information in this blog post is general information only. Data and information come from sources believed to be reliable but complete accuracy cannot be guaranteed. DRTP Consulting Inc. or the author are not responsible or liable for any error, omission or inaccuracy in such information. The opinions expressed in this blogpost are those of the author. Readers should seek advice and counsel from DRTP Consulting Inc. as required.