The International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD), the United Nations (UN) and the World Bank Group (WBG) recently announced the details of their joint effort to intensify their cooperation on tax issues: the Platform for Collaboration on Tax.
Based on information from a release, “the Platform will not only formalize regular discussions between the four international organizations on the design and implementation of standards for international tax matters, it will strengthen their capacity-building support, deliver jointly developed guidance, and information-sharing on operational and knowledge activities”.
The release added that this effort comes at a time of great momentum around international tax issues. “Amid the growing importance of taxation in the debate to achieve the UN Sustainable Development Goals (SDGs), a major aim of the Platform is to better frame technical advice to developing countries as they seek both more capacity support and greater influence in designing international rules”, the release noted.
The delivery of a number of ‘toolkits’ is among the Platform’s first task. According to the release, “the ‘toolkits’ are designed to help developing countries implement the measures developed under the G20/OECD Base Erosion and Profit Shifting Project and on other international tax issues”.
In the meantime, the release has noted that “Platform members will hold regular meetings with representatives of developing countries, regional tax organizations, banks and donors. Consultations with business and civil society will be organized as needed”.
Earlier this month, CARICOM had expressed concern over “the resurgence of the designation of “tax havens” being attached to the financial services centres of Member States and Associate Members of CARICOM, following the leak of the “Panama Papers”. The loose attribution of this label ignores the reality that the regulation of this sector in CARICOM is fully compliant with international standards”.
It noted that “As more disclosures unfold with respect to the leak of these financial records, CARICOM urges caution by those making the leap towards moral indignation and the unjust labelling of the financial services centres in the Community”.