EU Tax Commissioner Algirdas Semeta Sunday welcomed the package of measures to tackle international corporate tax avoidance, which was endorsed today by the G20 Finance Ministers in Cairns, Australia.
"The initiatives agreed at the G20 today are an important advance in creating a fairer, more appropriate corporate tax environment worldwide. They will thwart many of the aggressive tax practices that companies engage in today, and ensure a more level playing-field for businesses internationally," he said in a statement.
"However, today's commitments are just a first step - albeit an important one. There are many other important issues to be addressed," he added.
The recommendations agreed by G20 Finance Ministers today present a number of important solutions to the problem of international tax avoidance. These include measures against particular forms of aggressive tax planning , steps to prevent tax treaty abuses and necessary revisions to international transfer pricing rules.
Other crucial issues, such as tackling harmful tax practices linked to Intellectual Property regimes and tax rulings, will be developed over the coming year. Answers to the challenges of taxing the digital economy also need to be found, he added.