G20 tax: Finance ministers and central bank governors issue statement

The G20 finance ministers and central bank governors issued a statement following their meeting in London on 5 September 2009, calling for continued action to strengthen the financial system. The key tax points are that major progress has been made in agreeing and implementing global tax information exchange agreements and the next step is to see how information exchange can benefit developing countries. In addition, countries are urged to move to common, global accounting standards, although there is no mention of country-by-country reporting.