The heads of more than 40 Revenue Authorities met in Istanbul on 15 and 16 September under the auspices of the OECD. Agreements were reached on areas of cross border cooperation and approaches to the banking sector.

According to the communiqué, major improvements in compliance can be achieved in the area of corporate governance practices that address tax risk assessment and management by corporate boards. For the purposes of improving offshore compliance, the Commissioners agreed to building on recent advances in international co-operation and strengthening opportunities to share information.

The Commissioners stated their commitment to improving service to taxpayers noting the need for speed and integrity in making tax repayments or credits and the desire to continue constructive dialogues with key stakeholders.

They confirmed their commitment to support tax administrations in developing and emerging economies, in particular in relation to compliance. The Commissioners also discussed approaches to dealing with tax risks in the banking sector.

Full detail of matters discussed and agreements reached at the committee are available at http://www.oecd.org

The Institute's response to the initiatives is at http://www.charteredaccountants.ie