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G-20’s priorities - improvement of economic growth, new jobs

July 20, 2013, 16:22 UTC+3
Financial G-20 called on all countries to join the multilateral convention on mutual administrative assistance in taxation without delay
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Photo EPA/ITAR-TASS

Photo EPA/ITAR-TASS

MOSCOW, July 20 (Itar-Tass) - G-20’s priorities are improvement of growth and new jobs, the final communiqu· of the meeting of financial ministers and heads of the member-countries’ central banks reads.

We have agreed that our short-term priority is to offer new jobs and to improve the economic growth, the document reads.

Financial G-20 asks the Organisation for Economic Cooperation and Development /OECD/ to prepare for another meeting due in Washington a report on design of a global model for multilateral automated exchange of tax information, the communiqu· reads.

We shall make an automated exchange of information accessible for all countries, including countries with low revenues, and we shall try to support them in obtaining the potential of the kind.

Financial G-20 called on all countries to join the multilateral convention on mutual administrative assistance in taxation without delay.

G-20’s finance ministers stress that revenues should be taxed in jurisdictions where happen the functions, stimulating profits, and where costs are made.

In order to minimise the erosion of tax liable bases and transfer of revenues, we call on the countries to make it so that international and domestic tax regulations would not allow multinational corporations reduce the total amount of paid taxes by artificial transfer of revenues to low taxes’ jurisdictions, the final document reads.

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