The G7 is a forum of seven of the largest economies in the world. Italy currently presides over the group which comprises the UK, US, Germany, France, Italy, Canada and Japan. China, Brazil and India are not included. The group has in the past been known as the G8 but Russia was ejected from the group in 2014 following the Russian annexation of Crimea.
The Finance Ministers met in Bari, Italy on May 13 & 14 and followed the earlier G20 Finance Ministers meeting in Baden Baden, Germany on 17-18 March. The G7 Communiqué from Bari confirmed that the G7 are ‘committed to work for globally fair and modern tax systems and to achieve a global level playing field for all engaged in economic activities’.
The Communiqué also called on all jurisdictions to sign and ratify the multilateral Convention on Mutual Administrative Assistance in Tax Matters and urge all relevant countries and jurisdictions that have not yet done so to commit without delay to implementing the Common Reporting Standard (CRS) on automatic exchange of financial account information which will commence in September 2017.
The annual G7 summit will take place on May 26 & 27 in Bari, Italy. The annual summit has been running since 1975.