This entry passed through the Full-Text RSS service - if this is your content and you're reading it on someone else's site, please read the FAQ at http://ift.tt/jcXqJW.
Wednesday 02 Mar 2016 - 14:01 Makkah mean time-22-5-1437
Jakarta, (IINA) - Indonesia urged the world’s 20 biggest economies (G20) to implement the international taxation cooperation on time, based on an agreement that was signed earlier, Antara News reported.
The Ministry of Finance said in a written statement that Indonesia made the appeal in the G20 Finance Ministerial and Central Bank Meeting in Shanghai, China, on February 26-27, 2016.
In the G20 meeting, Indonesian Finance Minister Bambang Brodjonegoro shed light on the challenges faced in the implementation of the international taxation cooperation, particularly the Base Erosion and Profit Shifting (BEPS) initiative and the Automatic Exchange of Information (AEOI) on taxation.
Minister Bambang hoped that the agreed deadline for the implementation of the AEOI would be completely implemented by 2017 for early-adopting countries and by 2018 at the latest. He also hoped that no countries would ask for exception from the AEOI implementation.
The minister also stressed to the G20 the importance of fighting against the financial engineering of institutions in world’s financial centers, which tried to avoid business transparency and hid the ultimate beneficial owners.
Indonesia also noted that it is important for all countries not to compete in lowering tax tariffs to a possible lowest and unsound level, referring to the urgency of increasing state revenues as a strategy to support growth in the future.
The G20 ministers held their first meeting under the leadership of China on February 26-27, 2016.
The meeting discussed the latest global economic developments, taxation cooperation, investment on infrastructure, global financial regulation reforms, international financial architect, terrorism financing issues and climate change.
AG/IINA
|
No comments:
Post a Comment