Commissioner Šemeta welcomes G20 Finance Ministers' agreement on global tax transparency standard

Taxation Commissioner Algirdas Šemeta has welcomed the G20 Finance Ministers' agreement today (23 February) on a new global standard that will reinforce the fight against tax evasion and improve tax transparency worldwide. At their meeting in Sydney, the G20 gave the green light to the global standard for the automatic exchange of information. They are due to agree implementation plans at their next meeting in September. The new standard was developed by the Organisation for Economic Co-operation and Development (OECD), with strong support and input from the EU.

Commissioner Šemeta said: "Today is another boost for transparency and fairness in global taxation. The EU knows the value of automatic information exchange in fighting tax evasion, and has been its international flag-bearer for years. As such, we brought significant, practical input to the table in developing this new global standard. Our focus has been on a standard that can be smoothly and effectively implemented, with minimum disruption for our businesses. I am very glad that this is reflected in what was adopted today.

"I thank and highly commend the OECD for the excellent work they have done. Now, the EU must continue to lead by example in tax good governance. We intend to implement the new standard along with those countries which have committed to its early adoption. And we will be encouraging our neighbours and international partners, including major financial centres, to do the same."

For an overview of EU measures to fight tax evasion, see MEMO/13/1096.

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