The G20 leaders meeting in Brisbane, Australia issued a communiqué praising progress on the Base Erosion and Profit Shifting (BEPS) Action Plan and affirming their commitment to finalizing the work in 2015. The leaders also endorsed the global common reporting standard for the automatic exchange of tax information. They anticipate beginning to exchange information automatically with each other and with other countries by 2017 or 2018, subject to completing necessary legislative procedures.
The G20 leaders committed to improving the transparency of beneficial ownership. The leaders endorsed a set of ten principles on the transparency of beneficial ownership of legal persons and arrangements. They also released a proposed structured dialogue process for working with developing countries and the OECD Secretary General Report to the G20 Leaders.