The G-20 Antalya Summit and BEPS.

OBPu

US President Obama and Russian President Putin share a coffee.

Amid the revelations by Russian President Vladimir Putin about the financiers of global terror, the Group of Twenty spared some time to agree the way forward in the area of international tax diplomacy.

Here is what they agreed:

1.To reach a globally fair and modern international tax system, we endorse the package of measures developed under the ambitious G20/OECD Base Erosion and Profit Shifting (BEPS) project.

2. Widespread and consistent implementation will be critical in the effectiveness of the project, in particular as regards the exchange of information on cross-border tax rulings. We,  therefore, strongly urge the timely implementation of the project and encourage all countries and jurisdictions, including developing ones, to participate.

3. To monitor the implementation of the BEPS project globally, we call on the OECD to develop an inclusive framework by early 2016 with the involvement…

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