The OECD, the G8 and the 3Ts (Tax, Trade & Transparency)

The upcoming UK-hosted G8 summit at Lough Erne in Northern Ireland is an opportunity for the UK to lead a global debate on Trade, Tax and Transparency – the “3Ts” – showing how progress on these areas is essential for prosperity in all countries.

The OECD has made an invaluable contribution to this effort – I’ve made a short video where you can find out more.

Tax

Tax avoidance and evasion have received a large amount of media attention recently. The OECD’s report on Base Erosion Profit Shifting, launched with the Chancellor of the Exchequer at the G20 in February, shines a light on what is going on. The OECD is putting the finishing touches to an Action Plan, setting out how we can ensure that governments can collect the taxes they need to pay for public services and to support growth. The OECD’s ‘Tax Inspectors Without Borders’ programme should help build tax and audit capacity in developing countries.

Trade

Groundbreaking work on Global Value Chains is taking place at the OECD, changing the way we think about trade and setting out implications for policy-makers. This promises us a better idea of where jobs are being created through global trade. Next year will see work to highlight and tackle restrictions on trade in services.

Transparency

Open data, transparent governments and open taxation are all part of the issue of transparency. The UK and France are due to sign the Extractive Industries Transparency Index in a move that further underlines the UK’s commitment to open government, transparency and development.

You can find out more about the G8 priorities by visiting the official webpage, or on Twitter – @g8.