Saturday, July 20, 2013

 

G20 supports global taxation reform:Russia

|Blog ---
MOSCOW,- The Group of Twenty (G20) nations will back a global taxation reform which will help avoid double taxation and consolidate the taxation base, Russian Finance Minister Anton Siluanov said Friday.

The international community has been drafting a document on major changes of the existing taxation system, Siluanov told reporters on the sidelines of a meeting of the G20 finance ministers.

"We are considering the question to revise the model agreement over the avoidance of double taxation. We are ready to consider the conclusion of a multi-party agreement on this issue, but not bilateral agreements as now," Siluanov said.

A multilateral agreement will be "more efficient" than simply upgrading bilateral agreements over the avoidance of double taxation, he said.

An action plan on taxation reform, drafted by the Organization for Economic Cooperation and Development (OECD), offered 15 measures to "drastically" change the global taxation system, OECD Secretary General Angel Gurria told reporters here.

The OECD and the G20 nations vow to fight against the use of interstate differences for profit transfer in certain "tax harbors, " said Gurria, adding the action plan will not set unified tax rates.

Siluanov also said that the reform will toughen rules on taxing multinational corporations to tackle the problem of tax avoidance.

The recommended measures could be fulfilled successfully only if all countries adopt them, regarding the global nature of today' s world economy, Siluanov said, adding that the G20 nations decide to adopt the action plan.
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