Finance Ministers of the G20 countries have met and are to planning to implement new blacklisting criteria for jurisdictions they deem to be non-cooperative, in order to take defensive measures against them.
The criteria will be developed in line with the OECD regulations and published later this year in July. Going forward, all jurisdictions will be required to commit to the automatic exchange of tax information, and also of beneficial ownership information.
Along with the following key points:
By the G20 Summit in 2017, all countries & jurisdictions must improve their Global Forum rating to a satisfactory level.
Improving the availability of beneficial ownership information for any legal persons or legal arrangements internationally.
Finance Ministers from the G5 countries (the UK, France, Germany, Spain and Italy) will exchange beneficial ownership information regarding all types of companies and trusts automatically.
During the meeting, the G20 also repeated its motto of being committed to the ‘timely & widespread’ implementation of the BEPS (Base Erosion and Profit Shifting) scheme in the fight against global tax avoidance strategies by international companies.