Heads of state meeting at the G7 Summit in Bavaria, Germany committed to promoting automatic exchange of tax information and tax rulings to discourage multinational companies from shifting profits from country to country to avoid taxes.

In a joint declaration, the G7 leaders reaffirmed their commitment to finalize recommendations from the larger group of G20 finance ministers and the Organization of Economic Cooperation and Development on their Base Erosion and Profit Shifting, or BEPS, Action Plan by the end of this year. The OECD and the Group of 20 finance ministers unveiled the action plan last September (see OECD Recommends Approach to Combating Corporate Tax Avoidance). They also plan to implement a new global standard for automatic exchange of tax information and cross-border tax rulings to curb tax avoidance.

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