On Wednesday 27 January 2016, a Multilateral Competent Authority Agreement (MCAA) was signed by 31 Member States of the Organisation for Economic Co-operation and Development (OECD) in a bid to tackle tax evasion by moving towards global tax transparency.

Pierre Gramegna, Luxembourg's Minister for Finance, was among the signatories of the Agreement which will allow for the rapid and consistent implementation of new reporting standards relating to transfer pricing. These were developed under Action 13 of the Base Erosion and Profit Shifting (BEPS) Action Plan and will provide tax authorities with a complete and confidential view of how multinationals structure their activities.

During his speech to delegates, Ángel Gurría, Secretary-General of the OECD, emphasised the important of the effective and timely implementation of BEPS measures and welcomed the accession of a wide number of States to the multilateral agreement. French Minister of Finance, Michel Sapin, was next to address the signatories, stressing that the fight against tax fraud is a matter of justice and a challenge to fiscal policy.

Minister Gramegna spoke of how quickly the BEPS project was able to succeed, alluding to the constructive role played by the European Union under the Luxembourg Presidency. He also reiterated the call for a 'level playing field' and welcomed the fact that Luxembourg represents one of the 31 early adopters of the Multilateral Agreement.

The Luxembourg Finance Minister then held a working meeting with Ángel Gurría and Pascal Saint-Amans, Director of the Center for Tax Policy and Administration at the OECD, to discuss economic and political current affairs, as well as the implementation of BEPS measures at the European level. The Secretary-General highlighted the active role played by Luxembourg in the BEPS negotiations and its commitment to fiscal transparency, before the group discussed the themes of the next ministerial meeting of the OECD, to be held on 1 and 2 June 2016 in Paris.

Photos by OECD (Top L-R: Michel Sapin, French Minister of Finance; Ángel Gurría, Secretary-General of the OECD; Pierre Gramegna, Luxembourg Minister of Finance)