By TIOL News Service

CAIRNS, SEPT 21, 2014: IN the official communique today after the conclusion of meeting of G20 Finance Ministers & Central Bank Governors, it was reiterated that the G20 will continue to take practical steps to assist developing countries preserve and grow their revenue bases and stand ready to help those that wish to participate in automatic information exchange. The G20 is making efforts to deepen developing country engagement in tackling BEPS issues and ensuring that their concerns are addressed.

The official release expressed its commitment to a global response to cross-border tax avoidance and evasion so that the tax system supports growth-enhancing fiscal strategies and economic resilience.

It stated, "Today, we welcome the significant progress achieved towards the completion of our two-year G20/OECD Base Erosion and Profit Shifting (BEPS) Action Plan and commit to finalising all action items in 2015. We endorse the finalised global Common Reporting Standard for automatic exchange of tax information on a reciprocal basis which will provide a step-change in our ability to tackle and deter cross-border tax evasion. We will begin exchanging information automatically between each other and with other countries by 2017 or end-2018, subject to the completion of necessary legislative procedures."

The G20 also urged all financial centres to make this commitment by the time of the Global Forum meeting in Berlin, to be reported at the Brisbane Summit, and support efforts to monitor global implementation of the new global standard. It also supported further coordination and collaboration by tax authorities on their compliance activities on entities and individuals involved in cross-border tax arrangements.

The distinguished gathering also welcome progress so far, and encourage further steps by G20 countries to deliver the St Petersburg commitment to lead by example in meeting the Financial Action Task Force standards on beneficial ownership.