On 6 September 2013, the G20 Leaders Declaration was released following the G20 Summit in St. Petersburg on 5-6 September.
The G20 has now endorsed the development of a new global tax standard: to automatic exchange of information. The G20 countries said they fully supported the OECD work with G20 countries aimed at presenting a new single global standard for automatic exchange of information by February 2014 and to finalising technical modalities of effective automatic exchange by mid-2014.
In parallel, the G20 countries said they expect to begin to exchange information automatically on tax matters among G20 members by the end of 2015. The Declaration said the multilateral Convention is key to ensuring rapid implementation of the new standard and to enabling developing countries to benefit from the new more transparent environment.
Source: Tax Annex to the G20 Declaration, 6 September 2013
[LTN 178, 13/9/13]