TRADE & FINANCE 23
Working with the G20 leadership , the OECD as the standardsetter in international tax matters has been instrumental in bringing about the Common Reporting Standard for the Automatic Exchange of Financial Account Information , endorsed by G20 Leaders in November 2014 . It allows tax administrations to detect transfers and funds held offshores that were previously unknown , and unknowable . So far , 94 jurisdictions have committed to undertaking the first exchanges under the CRS by 2017 and 2018 . As a consequence , more than 37 billion euros have already been collected in two dozen countries through voluntary disclosure initiatives , with the OECD expecting to announce further progress by November . Developing countries need to be fully integrated in the process . The OECD “ 2014 Roadmap for Developing Country Participation ” helps facilitate developing country participation in the new Standard .
The Addis Tax Initiative , an outcome of 3rd International Conference on Financing for Development in Addis Ababa in July , aptly states that access to technical expertise to address crossborder tax issues will rely on broad based capacity building . The OECD / UNDP partnership “ Tax Inspectors Without Borders ”, also launched in Addis Ababa , is one such important instrument to meet demand for tax audit support , and to build long-term capacity .
With more challenges ahead for the inclusive growth and tax agenda and in view of the global relevance of the G20 economic governance , the OECD is looking forward to supporting the Turkish Presidency in bringing its goals on implementation and inclusiveness to fruition at the Leaders ’ Summit in November and will continue to put its expertise and policy analysis at China ’ s disposal for its 2016 G20 Presidency . �
The G20 / OECD Base Erosion and Profit Shifting ( BEPS ) project to counteract double non-taxation will be finalized by the fall . By realigning the location of profits , these new international tax rules make it possible for all countries to better collect their taxes . This holds especially true for developing countries , which are even more exposed to BEPS than others . We also must continue to work together and build on our inclusive approach when it comes to implementation and monitoring - ensuring that developing countries can participate in partnership via a single , global approach to the international tax rules . More than 60 countries have already joined the OECD / G20 BEPS Project . Regional Policy dialogues are held to facilitate inputs and implementation by developing countries . A special OECD Report on the Impact of BEPS in Low Income Countries addresses specific challenges faced by these countries .