Noting that the recovery in the global economy is continuing, but slowly, the PACE – enlarged to include parliamentary delegations from the non-Council of Europe OECD member states – today called on the OECD and its member states to “rapidly seize the opportunity of the exceptionally low level of interest rates to revive public investment”.
Such revival should be concerted and well-co-ordinated, affect sectors that benefit growth directly, does not deepen public deficits and goes hand in hand with the structural reforms recommended by the OECD.
On the basis of a report by Alfred Heer (Switzerland, ALDE) on the activities of the OECD in 2016-2017, the enlarged Assembly also stressed that multilateralism, provided that it is genuinely inclusive and provides scope for States to take action on an equal footing, “is the only means of achieving tangible results in the fight against international tax evasion and avoidance”.
The parliamentarians reaffirmed its commitment to multinational enterprises “reporting their profits where economic activities take place and value is created”.
They called on OECD and Council of Europe member States to sign and ratify as quickly as possible the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting and the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports so as to allow the automatic exchange of the relevant information from 2018.