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OECD welcomes the European Commission Initiative on Tax Transparency

Tuesday, 24 March 2015   (0 Comments)
Posted by: Author: OECD
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Author: OECD

The European Commission presented today a package of transparency measures aimed at tackling corporate tax avoidance and harmful tax competition within the EU.

The package is fully in line with the work carried out in the OECD/G20 BEPS Project and reflects the long-standing co-operation with the EU on these matters.

The OECD will continue to work with the Commission on the implementation of these measures and in particular on a common format for transmission of information on rulings among tax administrations.

OECD Secretary-General Angel Gurría welcomed the announcement and congratulated the Commission for the work done. "The European Commission’s initiative is another major step to tackle corporate tax avoidance. It confirms that the OECD/G20 BEPS Project is fully on point and that co-ordinated solutions are the best way forward. The message is clear: change is happening and co-operation and transparency are replacing secrecy and harmful practices”.

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Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.

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