The ATO has advised that Tax Commissioners from the Asia-Pacific will meet 24-27 November 2014, to agree on a regional plan to tackle multinational profit shifting and drive greater tax transparency and cooperation.
Mr Jordan will host the 44th meeting of the Study Group on Asian Tax Administration and Research (SGATAR) in Sydney. SGATAR will bring together 16 tax administrators to address international tax avoidance, including base erosion and profit shifting (BEPS), and promote international tax transparency in the region.
The ATO said: key to greater transparency is the implementation of the OECD’s Common Reporting Standard (CRS) as the global model for automatic exchange of information. “Tax transparency is crucial in detecting and addressing tax avoidance and we will work together to ensure all members will be ready to adopt the CRS. We all need to make sure our systems are ready to analyse the significant amounts of data we will receive,” Mr Jordan said.
The current SGATAR members include Australia, People’s Republic of China, Hong Kong SAR, Indonesia, Japan, Republic of Korea, Macao SAR, Malaysia, Mongolia, New Zealand, Papua New Guinea, The Philippines, Singapore, Chinese Taipei, Thailand and Vietnam.
[LTN 226, 21/11/14]