OECD: A significant step towards global tax co-operation

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Following the UK’s initial move, further 38 countries have now published details of their agreements to work closer together and streamline the processes to automatically exchange tax information, in support of the OECD’s Base Erosion and Profit Shifting (BEPS) project.
Following the UK’s initial move, further 38 countries have now published details of their agreements to work closer together and streamline the processes to automatically exchange tax information, in support of the OECD’s Base Erosion and Profit Shifting (BEPS) project.

The most recent meeting of the OECD’s Forum on Tax Administration (FTA), held in Dublin last week, making it the ninth conference that the heads of tax administrations have made regarding this project alone, signalled the group’s intention to take ‘a significant step forward in global tax co-operation’.

The FTA has agreed upon a strategy for systematic and enhanced co-operation between tax administrations, based on legal instruments which already exist, that will allow countries to handle global tax risks in an efficient manner whenever they arise.

They have also written four papers as part of their proposal to improve the process of tax administration. The plans include increasing use of self-service channels by taxpayers; improving the design of tax services for SMEs to encourage greater compliance; ways to measure tax compliance outcomes; and tax debt management.