On November 16, 2015 at their summit in Antalya, Turkey, the world's 20 largest economies (G20) committed to the implementation of the Base Erosion and Profit Shifting project (BEPS) by endorsing the standards proposed in it to prevent the corporate profits to "disappear" or to be artificially shifted to low or no tax environments. The OECD will be responsible for monitoring the project's progress and for developing a framework that includes participation of developing economies on equal footing.
The G20 leaders also reaffirmed their commitments to implement automatic exchange of information as early as 2017 and 2018 at the latest, in order to keep on boosting transparency and fairness in the global tax system.
For further information please consult the following OECD's link:
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