G20 finance ministers meet: Final action plan for BEPS gets approval

LIMA: Finance Ministers from India and other G20 countries on Friday endorsed the final detailed action plan for putting in place a coherent and transparent global tax regime to curb artificial profit-shifting ways.

Once implemented, the steps would bolster India's efforts to prevent tax evasion and illegal fund flows.

At the G20 Finance Ministers meeting here, which is also being attended by Finance Minister Arun Jaitley, the final package of measures for a comprehensive, coherent and co-ordinated reform of the international tax rules was approved.

Paris-based think-tank OECD said at a meeting chaired by Turkish Deputy Prime Minister Cevdet Yilmaz, the G20 finance ministers expressed strong support for the Base Erosion and Profit Shifting ( BEPS) Project.

The Organisation for Economic Cooperation and Development came out with the final detailed action plan for coherent and transparent international taxation norms for multinationals. Artificial profit shifting activities are estimated to be causing up to $240 billion loss annually.