In effort to crack down on corporations and individuals that evade taxes overseas, representatives from 82 countries agreed to draft criteria that could be used to put non-cooperative nations and jurisdictions on an international blacklist.
The two-day meeting, which concluded in Kyoto Friday, was held by the Organization for Economic Cooperation and Development's Committee on Fiscal Affairs. It marked the first gathering of its type by developed and developing countries to tackle tax evasion, which has become a major issue and international concern following the Panama Papers scandal.
In his summary, Chairman Masatsugu Asakawa noted that three benchmarks were discussed. These include a country's transparency level, with extra weight given to the rating given by an international group known as the Global Forum on Transparency and Exchange of Information for Tax Purposes.
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