The G20 would prepare a black list is not exchanging tax data countries

“Big twenty” (G20) announced the intention to adopt protective measures against countries that do not participate in the exchange of tax information and do not follow the principle of tax transparency. This is stated in a communiqué following the meeting of Finance Ministers and Central bankers of the G20 countries, published on the website of the Chinese Ministry of Finance.

“We ask the OECD (Organization for economic cooperation and development. —) to prepare for the summit in 2017 (it will be held in July. —) the list of jurisdictions that have not implemented international standards for tax transparency,” the document says. For those who will be in the list, will provide “protective measures”, reads the communiqué.

In addition, the Ministers and Central Bank governors called upon all States that have not yet joined the system of BEPS (Base erosion and profit shifting — OECD action plan for combating tax base erosion and profit withdrawal) to do so “on equal footing”.

Russian Deputy Finance Minister Sergei Storchak told the TASS news Agency that the G20 “decided to tackle non-cooperating jurisdictions” and developed “innovation”. According to him, it is only an idea, but it is realized in the development of criteria by which a given economy will be given the status of “uncooperative” jurisdiction. “And then the chain will be loose — don’t know how far,” — said Storchak.

The criteria, according to him, the OECD Secretary-General angel Gurri already outlined. “The main three positions, clear and transparent: first, a country signs and participates in the exchange of information on request. Next, the country will be required to participate in the automatic exchange of information, that is, without requests. And third, all countries to have the status of non-cooperating, should join the OECD Convention on automatic exchange of information”, — explained the Deputy head of the Ministry of Finance.

He said that the development of indicators which will be measured exchange of information, it is a matter of next year. While the list of punitive measures there, said the Deputy head of the Ministry of Finance. “This is the next stage. But Panama has already said that she subscribes to the Convention. It turns out some analogue of how events unfolded around the FATF, around the suppression of the financing of terrorism. At first it was voluntary, then began forming a list,” — said Storchak. He added that the question of the publication of the list will be decided directly before the next G20 summit in Hamburg.