Six Nations singed pact on tax information sharing in order deal with issues related to taxes.
Canada, Iceland, India, Israel, New Zealand and the People’s Republic of China
- Automatic exchange of information on tax issues – bilaterally and automatically exchange Country-by-Country Reports with each other
- Develop new tools – a complete understanding of how Multi National Enterprises structure their operations, while also ensuring that the confidentiality of such information is safeguarded
- Standards for tackling tax base erosion and evasion
Other countries already took part in the pact are:
- Australia, France, Germany, Japan, Liechtenstein, Malaysia, Italy and the UK
- Organization for Economic Cooperation and Development (OECD) issued final tax policy recommendations branching from its Base Erosion and Profit Shifting (BEPS) project
Objectives of Base Erosion and Profit Shifting Project
- Target limited
- Forceful tax planning that resulted in inappropriate tax avoidance
- 15 key actions to reform the international tax framework and ensure that profits are reported
G20 Leaders approved the BEPS package in November 2015, marking an historic opportunity for improving the effectiveness of the International tax system.
Meeting of the Forum on Tax Administration ( FTA) in Beijing, drawn high-level tax officials from more than 50 countries and International Organisations.