IMF, World Bank, OECD and UN to intensify cooperation on global tax issues

Following the leak of what has become known as the Panama Papers, a trove of documents on companies and individuals registered in tax havens, four international organizations have announced details of a joint effort to intensify their cooperation on global tax issues.

The International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD), the United Nations (UN) and the World Bank Group (WBG have therefore established the Platform for Collaboration on Tax, a system that will not only formalize regular discussions between the organizations on the design and implementation of standards for international tax matters, but will strengthen their capacity-building support, deliver jointly developed guidance, and information-sharing on operational and knowledge activities.

In a press release issued today in Washington DC by the IMF and copied to ghanabusinessnews.com, the four said the effort comes at a time of great momentum around international tax issues, and was welcomed by the G20 finance ministers at their February meeting in Shanghai.

“Amid the growing importance of taxation in the debate to achieve the UN Sustainable Development Goals (SDGs), a major aim of the Platform is to better frame technical advice to developing countries as they seek both more capacity support and greater influence in designing international rules,” the release said.

It noted that among the Platform’s first tasks will be to deliver a number of ‘toolkits’ designed to help developing countries implement the measures developed under the G20/OECD Base Erosion and Profit Shifting Project and on other international tax issues.

By Emmanuel K. Dogbevi