OECD tax meeting calls for international effort

Tax collection practices across Organisation of Economic Co-operation and Development (OECD) countries are to be improved, a new communique from the Paris-based group has stated.

The agreement follows a meeting of tax commissioners from 34 OECD and non-OECD members, which took place in the city late last week.

Interaction between tax authorities, governments, banks - including private banks - and high net-worth individuals is to be a particular focus of the new regime, according to the communique.

The meeting builds on the $1 trillion deal struck by heads of state at the London G20 meeting earlier this year, which contained promises to tighten controls on people who attempt to avoid paying their full tax obligations.

Pravin Gordhan, who chaired the meeting, said that the current global economic crisis increased the urgency of improving tax collection.

’Governments need to find sustainable ways to finance the cost of exiting the crisis,’ he commented.

’To achieve this will require the engagement of all stakeholders: Governments, business and civil society. Revenue bodies have a key role to play in helping governments to achieve sustainable revenues.’
The communique also noted that the authorities needed to work together on a ’global’ rather than national level in order to improve standards.

This could in turn impact on ofshore banking business.ADNFCR-2318-ID-19195601-ADNFCR