ICC Document & publication

ICC perspectives on the G20’s agenda on international tax cooperation (2014)

ICC Commission on Taxation shares its perspectives on the G20’s tax agenda.

The ‘ICC perspectives on the G20’s agenda on international tax’ focuses on four areas of international tax cooperation of the G20’s tax agenda. The Vice- Chair of the Commission, Cym Lowell, presented these views at the G20 International Tax Symposium (Tokyo, 9-10 May).

Promote international tax transparency and the global sharing of information:

ICC believes that sharing information between tax administrations can be an important tool to gain public trust. It is crucial to give due consideration to the confidentiality of company tax data. Financial data provided under the proposed country-by-country reporting must not open a new era of double taxation.

Address tax avoidance, particularly, base erosion and profit shifting (BEPS):

ICC supports transparent, efficient, predictable and stable tax regimes that incentivize growth and global welfare. Artificial arrangements abusing the letter of the law do not deserve protection. Measures to counter tax avoidance need to be precise, targeted and should not impede cross-border trade and investment.

Ensure that developing countries benefit from the G20’s tax agenda:

ICC highly supports improving developing countries’ tax administration systems and policies. ICC also believes that building trust between local tax functions of multinational enterprises and country tax administrations is an important task to be accomplished within the current discussions on Base Erosion and Profit Shifting and ICC is ready to contribute to a dialogue through its global business network.

Address money laundering and terrorism financing:

ICC fully supports the Financial Action Task Force (FATF) work programme to identify and monitor high-risk and non-cooperative jurisdictions with key Anti-Money Laundering/Counter – Terrorist Financing (AML/CFT) deficiencies.