In a media release issued on 21 November 2014, the ATO announced that tax commissioners from the Asia-Pacific will meet this week to agree on a regional plan to tackle multinational profit shifting and drive greater tax transparency and cooperation.
Commissioner Chris Jordan will host the 44th meeting of the Study Group on Asian Tax Administration and Research (SGATAR) in Sydney.
“There is unprecedented global cooperation to make sure profits are taxed where income is earned. We’ve seen significant commitments from the G20 and this forum will progress the BEPS action plan and greater tax transparency in the Asia-Pacific,” Mr Jordan said.
Key to greater transparency is the implementation of the OECD’s Common Reporting Standard (CRS) as the global model for automatic exchange of information.
The current SGATAR members include Australia, People's Republic of China, Hong Kong SAR, Indonesia, Japan, Republic of Korea, Macao SAR, Malaysia, Mongolia, New Zealand, Papua New Guinea, The Philippines, Singapore, Chinese Taipei, Thailand and Vietnam.
The meeting will be held in Sydney from 24-27 November 2014 and is a major event on the ATO’s international engagement calendar for 2014.