Benedicte Gravrand, Opalesque Geneva:
Some the topics discussed during the Group of Twenty Finance Ministers and Central Bank Governors (G20) summit in Saint Petersburg on September 5-6 included exchange of tax information, financial regulation, shadow banking, fair trade, and unemployment - especially among the young.
The leaders declared in their end-of-summit statement that their top priority was strengthening economic growth and creating jobs, as well as continuing to engineer a durable exit from the latest financial crisis.
According to a memo from the European Commission, "this G20 summit cemented the global paradigm shift towards fairer taxation by endorsing the establishment of the automatic exchange of tax information." As indeed from the end of 2015, G20 members may begin to automatically share tax information.
Tax avoidance, harmful practices and aggressive tax planning have to be tackled, says the communiqué. Member countries must ensure that international and their own tax rules do not allow or encourage multinational enterprises to reduce overall taxes paid by artificially shifting profits to low-tax jurisdictions.
The summit made good progress in implementing its commitment to financial regulation, including the Basel III capital rules. But there is still work......................
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