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The Organisation for Economic Co-operation and Development (OECD) has hosted a joint meeting of its Committee on Fiscal Affairs and the Development Assistance Committee, bringing together the tax and development forums for the first time.
The participants agreed on a number of general principles, including the need for close co-operation to combat tax evasion, and to work with the developing world to take advantage of the opportunities in the more transparent global environment.
They also agreed to develop a programme to improve transparency in the reporting of profits and tax payments and to support developing countries in applying transfer pricing principles to enable them to collect their fair share of tax.
In addition, the participants agreed to intensify co-operation between tax administrations and law enforcement agencies to counter illegal activities.
To achieve these goals and implement a coherent approach, it was decided to set up a task force on tax and development, which would meet in early 2010 as an informal group representative of all stakeholders to develop clear and effective mechanisms for implementation and avoid duplication.
