What is the role of the Organisation for Economic Co-operation and Development (OECD)?
The Organisation for Economic Co-operation and Development (OECD) is an international economic organization based in Paris. Founded in 1961, the OECD provides a forum in which governments can work together to identify and develop measures to address economic, social, environmental, and other global issues. The OECD has a significant role in international tax law. It works to promote global tax transparency, responsible tax behavior, effective and fair taxation, and the elimination of illicit financial flows. It does this by helping governments develop and implement global standards for the exchange of information for tax purposes. Through these standards, countries are better able to exchange information to identify and combat tax avoidance and evasion. The OECD also works to reduce the potential for double taxation by helping countries develop and review bilateral tax treaties. By collaborating with its members on tax policy, the OECD hopes to put an end to unfair and inefficient tax competition among countries. The OECD also promotes the development of policies that support the growth of small- and medium-sized businesses, which often face heavier tax burdens. Additionally, it works to strengthen social safety nets for vulnerable populations through improved tax policies. In short, the OECD plays a critical role in international tax law, by helping countries cooperate on exchanging information and developing policies that promote transparency, fairness, and efficiency in global taxation.
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