16 November 2015: Leaders of the Group of 20 (G20) committed to implementing the Base Erosion and Profit Shifting project (BEPS) Action Plan, which aims to close gaps that facilitate the disappearance of corporate profits or that enable corporations to shift to low- or no-tax environments. At the Leaders’ Summit in Antalya, Turkey, G20 leaders also requested the Organization for Economic Co-operation and Development (OECD) to monitor progress toward a transparent tax system, and to develop an inclusive framework for addressing tax avoidance.

At the Summit, G20 leaders welcomed progress on increasing transparency and fairness in the global tax system. They reaffirmed commitments to implement automatic exchange of information through an Automatic Exchange of Information (AEOI) portal beginning in 2017, with a deadline of 2018.

OECD Secretary-General Angel Gurría said the “comprehensive” policy package, including skills, youth employment, job quality and tackling inequalities, “represents real progress,” and expressed the OECD’s commitment to continue to play a role in helping to build a more fair, inclusive global economy.

The G20 also called on the OECD, International Monetary Fund (IMF) and the World Bank to continue monitoring commitments to tackle inequality, boost growth and create jobs through the National Growth Strategies established at the 2014 G20 Brisbane Summit. At the Antalya Summit, the OECD presented its assessment of progress on the Growth Strategies, saying government action needs to be accelerated. The OECD also highlighted its work to develop, inter alia: the G20 Skills Strategy to tackle inequality and low productivity; its job quality framework that promotes decent working conditions; and policy recommendations on boosting investment, particularly among small and medium-sized enetrpsies (SMEs).

The BEPS package is a package of measures that countries committed to implement, with the aim of ending double non-taxation, and ensuring that income is taxed at least one time but not more than once.

The G20 Leaders’ Summit convened from 15-16 November 2015, in Antalya, Turkey. In addition to the G20 members, Azerbaijan, Senegal, Singapore, Spain, Malaysia and Zimbabwe participated in the Summit. [OECD Press Release] [G20 Outcomes] [G20 Press Release, 13 November] [BEPS Website] [AEOI Website] [IISD RS Story on Antalya Summit]