G7 Leaders Mull Joint International Tax Audits
The leaders of the Group of Seven nations are contemplating a framework for joint tax audits to enhance co-operation in international tax matters.
“We have to make progress not just with regards to the rules but also in everyday tax administration,” German Finance Minister Wolfgang Schäuble told a press conference held after the G-7 Finance Ministers and Central Bank Governors meeting on May 29, 2015, in Dresden. He added that the group is looking beyond the OECD’s base erosion and profit shifting agenda.
Schäuble also noted agreement on the need for a mechanism for dispute settlement between national tax administrations.
Last, Schäuble reiterated the Group’s support for developing countries by “building up their tax capacities supported by the World Bank,… this is something we will present to the [next summit] because it’s important to make sure that developing countries have sufficient tax administrative capacities.”
G-7 is an informal forum of seven leading industrialized nations, comprising Canada, France, Germany, Italy, Japan, the UK, and the US.