UN, IMF, World Bank and OECD formed Platform for Collaboration on Tax

Four international organizations have joined hands to form the Platform for collaboration in Tax Matters. The Platform has been created as their step to boost global cooperation in tax matters. The International Monetary Fund, World Bank, United Nations and the Organization for Economic Co-operation and Development (OECD), announced a joint platform for collaboration on tax issues, a beginning step to design and implement international standards.

The announcement regarding this was made just within two weeks after the release of the “Panama Papers” that stirred outrage at the widespread use of tax haven countries and shell companies by wealthy global elites and corporations to hide assets and avoid paying taxes.

The first task for the initiative will be to deliver “toolkits” to developing countries to help them act against corporations using accounting tactics like profit shifting and transfer pricing between countries to lower their tax bills.

According to the United Nations, billions of dollars are denied to developing country government coffers each year due to what is often called euphemistically “aggressive tax planning” by multinational companies. In 2013, the OECD, which groups the world’s leading economies, launched a program to begin reining in tax avoidance and to force companies to be more transparent about their finances in each country in which they operate.

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Vignesh Sathyan is the Founder of Day Today GK, a portal that helps Aspirants who are preparing for Competitive Exams.

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