Global Forum strikes agreement on international tax avoidance

A meeting of the Global Forum on Transparency and Exchange of Information has agreed to take steps to improve tax policies around the world.

The forum, encompassing around 84 member states, agreed to create a Peer Review Group to supervise national tax frameworks and to enforce the new standards developed by the Organisation of Economic Co-operation and Development (OECD).

It also agreed to reduce the time it took to reach international exchange of information agreements and to expand its membership further in future.

The announcement builds on a previous agreement at the G20 conference in London earlier this year, where world leaders announced that they would work together more closely to crack down on tax avoidance.

Commenting on the latest agreement, Angel Gurria, secretary-general of the OECD, said: ’By addressing the challenges posed by the dark side of the tax world, the campaign for global tax transparency is in full flow.

’We have equipped ourselves with the institutional means to continue the campaign.’

The forum’s talks came ahead of the upcoming meeting of G20 member states, which takes place in Pittsburgh, USA, later this month.ADNFCR-2318-ID-19346626-ADNFCR