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The Chancellor of the Exchequer of the United Kingdom, the Rt Hon George Osborne, MP, and the Treasurer of Australia, the Hon Joe Hockey, MP, announced during the course of the G20 meeting the urgent establishment of a joint working group to further consider and develop initiatives in relation to diverted profits by multinational enterprises: Treasurer’s media release (19 April 2015).

The Ministers have resolved, subject to the completion of the UK general election, to establish a senior officials working group that will develop measures to address the diversion of profits by multinational enterprises away from their host countries.

The working group will build on the UK’s experience of introducing a Diverted Profits Tax, which came into effect at the beginning of April.

Any working group initiatives will be consistent with the work of the OECD on Base Erosion and Profit Shifting, and other international initiatives such as the Automatic Exchange of Information and Tax Inspectors Without Borders.

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