The Forum of Tax Administration (FTA) is a group of the leading global tax administrations from 53 different jurisdictions. The group recently held their annual plenary meeting in Chile to discuss and improve global tax administration.
Some resolutions were agreed upon, namely, to focus on tax certainty; enhancing tax co-operation and the collective challenges of the current transformation of the digital landscape.The Forum of Tax Administration includes all current G20 and OECD members including selected advanced and emerging non-OECD members.
Mr Hans Christian Holte, the FTA chair and head of the Norwegian Tax Administration spoke on behalf of the FTA members who agreed that members could collectively generate an additional EUR €10 trillion in government revenue by implementing some stricter measures.
The gathering displayed the united determination and willingness by all parties to enhance tax certainty, international co-operation and become forerunners on providing better taxpayer services.
Forum members passed the following consensuses. Further clarifications will be released later this year:
To give full support to policy makers in the process of creating a new set of standardised reporting requirements to facilitate the international exchange of information on those selling goods and services using the sharing and gig economy.
To accelerate work on tax certainty, including through 17 FTA members participating in the second phase of the pilot on the International Compliance Assurance Programme with more actively considering.
Clarify a digital vision for Tax Administration 2030 in practical terms and to help reduce compliance burdens for SMEs using new technologies.
To actively pursue collaborative work on the most efficient use of the vast amount of information on offshore accounts currently being traded under the OECD/G20 Common Reporting Standard.