Press Release: Commissioner Šemeta welcomes G20 Finance Ministers’ agreement on new measures to combat corporate tax avoidance [G20 meeting – Australia, 21 September 2014]

EU Tax Commissioner Algirdas Šemeta welcomed the package of measures to tackle international corporate tax avoidance, which was endorsed on the 21 of September 2014 by the G20 Finance Ministers in Cairns, Australia.

The Ministers agreed on a first set of recommendations to address key areas in the OECD's Action Plan on Base Erosion and Profit Shifting (BEPS) which, once implemented, should ensure fairer taxation and fairer competition globally. The EU has been actively involved in the OECD's work on the BEPS Action Plan, while also pushing forward its own ambitious measures to fight tax avoidance in Europe.

The G20 also said they were tantalisingly close to adding an extra $2tn (£1.2tn) to the global economy and creating millions of new jobs. However, they showed worry about Europe's extended stagnation.

• Primary Source

ESO: Background information: Council adopts amendment closing tax loophole for corporate groups http://www.europeansources.info/record/press-release-council-adopts-amendment-closing-tax-loophole-for-corporate-groups/

The Guardian, 21.09.14: G20 worried about the 'stumbling block' of Europe's slow growth http://www.theguardian.com/world/2014/sep/21/g20-concerns-europe-slow-growth-stumbling-block-ecb

BBC News, 21.09.14: Europe must 'boost demand' to revive economy, US warns http://www.bbc.co.uk/news/business-29300509

EUObserver, 22.09.14: Europe needs new stimulus to ward off crisis, US treasury warns http://euobserver.com/news/125701

EUObserver, 02.12.14: France, Germany call for tax avoidance clampdown http://euobserver.com/economic/126750

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