Letter from OECD Secretary-General Angel Gurría for the attention of The Honorable Steven T. Mnuchin, Secretary of the Treasury, United States

The Organisation for Economic Co-operation and Development (OECD) and the Intra-European Organisation of Tax Administrations (IOTA) signed the renewal of a Memorandum of Understanding (MOU) for Co-operation between both Parties.

The international community reaffirmed its commitment to reach a consensus-based long-term solution to the tax challenges arising from the digitalisation of the economy, and will continue working toward an agreement by the end of 2020, according to the Statement by the Inclusive Framework on BEPS released by the OECD today.

The Global Forum and the Asian Development Bank held a joint training event on the Exchange of Information on Request Peer Reviews and Implementation of the Automatic Exchange of Information Standard from 17 January to 31 January 2020 in Tbilisi, Georgia.

Part I reports on the activities in the OECD's international tax agenda, in particular the progress made in addressing the tax challenges arising from the digitalisation of the economy. It also provides an update on G20 tax deliverables including tax transparency, implementation of BEPS measures & capacity building to support developing countries. Part II reports on the activities of the Global Forum.

The work on BEPS Action 14 continues with today's publication of the eighth round of stage 1 peer review reports. Each report assesses a country's efforts to implement the Action 14 minimum standard as agreed to under the OECD/G20 BEPS Project.

Today, the OECD released IT-formats and guidance to support the technical implementation of the OECD Treaty Relief and Compliance Enhancement (TRACE) initiative, as well as to facilitate the wider use of the OECD Common Transmission System (CTS) for the exchange of information between tax administrations.

The Global Forum and the Italian Revenue Agency carried out an onsite visit in Tirana to assist Albania with the implementation of the international standard of automatic exchange of financial account information (AEOI).

Domestic resource mobilisation is a priority as a means to increase national capacity to finance the SDGs. Taxes are already the largest single source of financing, and have the potential for growth. As while the average level of taxes in developing countries remains low, countries have shown capacity to expand their revenues.

Comprised of 34 Global Forum members, the Automatic Exchange of Information Peer Review Group (APRG) held its first meeting on 16-18 March 2020 to discuss key issues in ensuring that jurisdictions are putting in place what is required to deliver an effective AEOI Standard, as well as how the recent developments in relation to Covid-19 might impact expectations.

These potential measures, which are not recommendations, are intended to assist policymakers as they respond in their own national context.

In our modern world, companies are finding it all too easy to game the international tax system to their advantage . It is increasingly incumbent on the global community to create an updated framework to ensure tax certainty and support international trade and investment.

The work on BEPS Action 14 continues with today's publication of the stage 2 peer review monitoring reports of the seven jurisdictions in batch 2: Austria, France, Germany, Italy, Liechtenstein, Luxembourg and Sweden.

Exports (Bop) - Food, Beverage And Tobacco Products in Canada increased to 2685.50 CAD Million in March from 2594.50 CAD Million in February of 2020. Exports (Bop) - Food, Beverage And Tobacco Product in Canada averaged 1423.40 CAD Million from 1988 until 2020, reaching an all time high of 2808.70 CAD Million in December of 2016 and a record low of 425.60 CAD Million in March of 1989. This page includes a chart with historical data for Canada Exports of (bop) - Food, Beverage And Tobacco Pro.

Exports of (bop) - Fruits, Nuts and Vegetables in Canada increased to 594.20 CAD Million in March from 553 CAD Million in February of 2020. Exports of (bop) - Fruits, Nuts and Vegetables in Canada averaged 129.54 CAD Million from 1988 until 2020, reaching an all time high of 657.70 CAD Million in March of 2017 and a record low of 11.20 CAD Million in May of 1988. This page includes a chart with historical data for Canada Exports of (bop) - Fruits, Nuts And Vegetables.

Exports of (bop) - Alcoholic Beverages in Canada increased to 94.30 CAD Million in March from 89.20 CAD Million in February of 2020. Exports of (bop) - Alcoholic Beverages in Canada averaged 74.41 CAD Million from 1988 until 2020, reaching an all time high of 121.10 CAD Million in February of 2001 and a record low of 36.30 CAD Million in April of 1988. This page includes a chart with historical data for Canada Exports of (bop) - Alcoholic Beverages.

Imports (Bop) - Prepared And Packaged Seafood Products in Canada increased to 224.20 CAD Million in March from 203.60 CAD Million in February of 2020. Imports (Bop) - Prepared And Packaged Seafood Prod in Canada averaged 132.27 CAD Million from 1988 until 2020, reaching an all time high of 251.10 CAD Million in September of 2016 and a record low of 43.80 CAD Million in April of 1990. This page includes a chart with historical data for Canada Imports of (bop) - Prepared And Packaged Seafood.

Imports of (bop) - Passenger Cars and Light Trucks in Canada decreased to 4026.70 CAD Million in March from 4243.10 CAD Million in February of 2020. Imports of (bop) - Passenger Cars and Light Trucks in Canada averaged 2401.69 CAD Million from 1988 until 2020, reaching an all time high of 4856.10 CAD Million in March of 2018 and a record low of 819.50 CAD Million in November of 1990. This page includes a chart with historical data for Canada Imports of (bop) - Passenger Cars And Light Trucks.

Imports - Coloring Agents & Photographic Chemicals (Census) in the United States increased to 1236.45 USD Million in March from 1180.53 USD Million in February of 2020. Imports - Coloring Agents & Photographic Chemicals in the United States averaged 632.30 USD Million from 1989 until 2020, reaching an all time high of 1260.98 USD Million in December of 2018 and a record low of 160.16 USD Million in March of 1989. This page includes a chart with historical data for the United States Imports of Coloring Agents & Photographic Chemica.

Imports - Coins, Gems, Jewelry & Collectibles (Census Basis) in the United States decreased to 1531.35 USD Million in March from 2278.46 USD Million in February of 2020. Imports - Coins, Gems, Jewelry & Collectibles (Cen in the United States averaged 1516.51 USD Million from 1989 until 2020, reaching an all time high of 2899.82 USD Million in August of 2019 and a record low of 507.66 USD Million in May of 1989. This page includes a chart with historical data for the United States Imports of Coins, Gems, Jewelry & Collectibles.

Weapons Sales in Germany decreased to 1277 USD Million in 2018 from 1980 USD Million in 2017. Weapons Sales in Germany averaged 1314.27 USD Million from 1953 until 2018, reaching an all time high of 3311 USD Million in 2007 and a record low of 12 USD Million in 1961. Weapons Sales are presented as a Trend-Indicator Value based on the known unit production costs of a core set of weapons such as aircraft, air defence systems, anti-submarine warfare weapons, armoured vehicles, artillery, engines, missiles, sensors, satellites, ships and others. The indicator aims to represent the transfer value of military resources rather than the financial value of the transfer.

Temperature in Iraq decreased to 8.92 celsius in December from 16.21 celsius in November of 2015. Temperature in Iraq averaged 21.78 celsius from 1819 until 2015, reaching an all time high of 37.40 celsius in July of 2000 and a record low of 3.84 celsius in January of 1911. This page includes a chart with historical data for Iraq Average Temperature.

Precipitation in Iraq increased to 24.20 mm in December from 16.28 mm in November of 2015. Precipitation in Iraq averaged 16.30 mm from 1901 until 2015, reaching an all time high of 82.94 mm in March of 1974 and a record low of 0.01 mm in September of 1936. This page includes a chart with historical data for Iraq Average Precipitation.

Iraq recorded a Government Budget surplus equal to 6.20 percent of the country's Gross Domestic Product in 2018. Government Budget in Iraq averaged -3.70 percent of GDP from 2004 until 2018, reaching an all time high of 10.70 percent of GDP in 2006 and a record low of -34.90 percent of GDP in 2004. Government Budget is an itemized accounting of the payments received by government (taxes and other fees) and the payments made by government (purchases and transfer payments). A budget deficit occurs when an government spends more money than it takes in. The opposite of a budget deficit is a budget surplus. This page provides - Iraq Government Budget - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Mr. Angel Gurría, Secretary-General of the OECD, will be in Santiago, Chile, on 14-15 October 2019 to attend the Asia-Pacific Economic Cooperation (APEC) Finance Ministers meeting.

The tax wedge for the average single worker in Chile remained the same at 7.0 percentage points between 2018 and 2019. The OECD average tax wedge in 2019 was 36.0 (2018, 36.1). In 2019 Chile had the lowest tax wedge among the 36 OECD member countries, occupying the same position in 2018.

Temperature in Burundi increased to 21.08 celsius in December from 20.68 celsius in November of 2015. Temperature in Burundi averaged 20.09 celsius from 1850 until 2015, reaching an all time high of 22.86 celsius in September of 2013 and a record low of 17.62 celsius in December of 1860. This page includes a chart with historical data for Burundi Average Temperature.

Precipitation in Burundi decreased to 193.09 mm in December from 235.28 mm in November of 2015. Precipitation in Burundi averaged 100.01 mm from 1901 until 2015, reaching an all time high of 327.19 mm in November of 1961 and a record low of 0.02 mm in July of 1935. This page includes a chart with historical data for Burundi Average Precipitation.

Burundi recorded a Government Budget deficit equal to 8.80 percent of the country's Gross Domestic Product in 2018. Government Budget in Burundi averaged -9.62 percent of GDP from 1991 until 2018, reaching an all time high of -2.30 percent of GDP in 1991 and a record low of -20 percent of GDP in 2004. Government Budget is an itemized accounting of the payments received by government (taxes and other fees) and the payments made by government (purchases and transfer payments). A budget deficit occurs when an government spends more money than it takes in. The opposite of a budget deficit is a budget surplus. This page provides - Burundi Government Budget - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Foreign Exchange Reserves in Burundi increased to 213443.90 BIF Million in December from 100921.20 BIF Million in November of 2019. Foreign Exchange Reserves in Burundi averaged 303116.15 BIF Million from 2011 until 2019, reaching an all time high of 542621 BIF Million in February of 2013 and a record low of 75870.10 BIF Million in December of 2015. In Burundi, Foreign Exchange Reserves are the foreign assets held or controlled by the country central bank. The reserves are made of gold or a specific currency. They can also be special drawing rights and marketable securities denominated in foreign currencies like treasury bills, government bonds, corporate bonds and equities and foreign currency loans. This page provides the latest reported value for - Burundi Foreign Exchange Reserves - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Banks Balance Sheet in Germany increased to 8975.05 EUR Billion in February from 8529.40 EUR Billion in January of 2020. Banks Balance Sheet in Germany averaged 3831.49 EUR Billion from 1950 until 2020, reaching an all time high of 10087.65 EUR Billion in December of 1998 and a record low of 30.82 EUR Billion in June of 1950. This page provides - Germany Central Bank Balance Sheet - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Belgium recorded a government budget deficit of 3402 EUR Million in 2018. Government Budget Value in Belgium averaged -7757.33 EUR Million from 1970 until 2018, reaching an all time high of 779 EUR Million in 2006 and a record low of -18817 EUR Million in 2009. The government budget balance is the difference between government revenues and expenses. The budget is balanced when outlays equal to receipts, the country reports budget surplus when revenues are higher than expenses and deficit when expenses exceed the revenues. This page provides - Belgium Government Budget Value - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Germany recorded a government budget surplus of 7.09 EUR Billion in the third quarter of 2019. Government Budget Value in Germany averaged -10.49 EUR Billion from 1991 until 2019, reaching an all time high of 40.63 EUR Billion in the third quarter of 2000 and a record low of -58.90 EUR Billion in the fourth quarter of 1992. The government budget balance is the difference between government revenues and expenses. The budget is balanced when outlays equal to receipts, the country reports budget surplus when revenues are higher than expenses and deficit when expenses exceed the revenues. This page provides the latest reported value for - Germany Government Budget Value - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Iraq recorded a government budget deficit of 853060 IQD Million in October of 2019. Government Budget Value in Iraq averaged 9635610.35 IQD Million from 2004 until 2019, reaching an all time high of 61244368 IQD Million in August of 2015 and a record low of -13581445 IQD Million in September of 2012. The government budget balance is the difference between government revenues and expenses. The budget is balanced when outlays equal to receipts, the country reports budget surplus when revenues are higher than expenses and deficit when expenses exceed the revenues. This page provides - Iraq Government Budget Value - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Gambia recorded a government budget deficit of 1415.66 Dalasi Million in the third quarter of 2019. Government Budget Value in Gambia averaged -831.01 Dalasi Million from 2008 until 2019, reaching an all time high of 95.19 Dalasi Million in the first quarter of 2011 and a record low of -2929.01 Dalasi Million in the third quarter of 2017. This page provides - Gambia Government Budget Value- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Japan recorded a government budget deficit of 27633 JPY HND Million in the fourth quarter of 2019. Government Budget Value in Japan averaged -33660.14 JPY HND Million from 1964 until 2019, reaching an all time high of 91505 JPY HND Million in the first quarter of 2008 and a record low of -347513 JPY HND Million in the fourth quarter of 1998. The government budget balance is the difference between government revenues and expenses. The budget is balanced when outlays equal to receipts, the country reports budget surplus when revenues are higher than expenses and deficit when expenses exceed the revenues. This page provides - Japan Government Budget Value - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Mexico recorded a government budget deficit of 30159.60 MXN Million in February of 2020. Government Budget Value in Mexico averaged -13518.94 MXN Million from 1990 until 2020, reaching an all time high of 340612.40 MXN Million in March of 2017 and a record low of -308191.94 MXN Million in December of 2017. In Mexico, the public budget includes, not only government expenses and revenues, but also financial balance of entities under indirect budgetary control, and external and internal financing requirement. This page provides - Mexico Government Budget Value - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The United States recorded a government budget deficit of 119125 USD Million in March of 2020. Government Budget Value in the United States averaged -19423.98 USD Million from 1954 until 2020, reaching an all time high of 214255 USD Million in April of 2018 and a record low of -235278 USD Million in February of 2020. Federal Government budget balance is the difference between budget receipts (income) and budget outlays (spending). A budget surplus is expressed as a positive value. A budget deficit is expressed as a negative value. This page provides - United States Government Budget Value - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Singapore recorded a government budget surplus of 3262.40 SGD Million in February of 2020. Government Budget Value in Singapore averaged 1066.06 SGD Million from 2011 until 2020, reaching an all time high of 17603.90 SGD Million in May of 2019 and a record low of -9045.20 SGD Million in March of 2019. The government budget balance is the difference between government revenues and expenses. The budget is balanced when outlays equal to receipts, the country reports budget surplus when revenues are higher than expenses and deficit when expenses exceed the revenues. This page provides - Singapore Government Budget Value - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Russia recorded a government budget surplus of 12.41 RUB Billion in March of 2020. Government Budget Value in Russia averaged 421.35 RUB Billion from 1998 until 2020, reaching an all time high of 3834.60 RUB Billion in October of 2008 and a record low of -2967.30 RUB Billion in December of 2016. The government budget balance is the difference between government revenues and expenses. The budget is balanced when outlays equal to receipts, the country reports budget surplus when revenues are higher than expenses and deficit when expenses exceed the revenues. This page provides - Russia Government Budget Value - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Switzerland recorded a government budget surplus of 8097 CHF Million in 2019. Government Budget Value in Switzerland averaged -400.15 CHF Million from 1980 until 2019, reaching an all time high of 11811 CHF Million in 2000 and a record low of -18357 CHF Million in 1993. The government budget balance is the difference between government revenues and expenses. The budget is balanced when outlays equal to receipts, the country reports budget surplus when revenues are higher than expenses and deficit when expenses exceed the revenues. This page provides - Switzerland Government Budget Value - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Italy recorded a government budget deficit of 4.51 EUR Billion in February of 2020. Government Budget Value in Italy averaged -4.39 EUR Billion from 1980 until 2020, reaching an all time high of 27.41 EUR Billion in December of 2018 and a record low of -43.39 EUR Billion in October of 2009. The government budget balance is the difference between government revenues and expenses. The budget is balanced when outlays equal to receipts, the country reports budget surplus when revenues are higher than expenses and deficit when expenses exceed the revenues. This page provides the latest reported value for - Italy Government Budget Value - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Canada recorded a government budget surplus of 3577 CAD Million in February of 2020. Government Budget Value in Canada averaged -991.48 CAD Million from 1985 until 2020, reaching an all time high of 5770 CAD Million in February of 2005 and a record low of -14900 CAD Million in March of 2019. The government budget balance is the difference between government revenues and expenses, excluding public debt charges. The budget is balanced when outlays equal to receipts, the country reports budget surplus when revenues are higher than expenses and deficit when expenses exceed the revenues. This page provides - Canada Government Budget Value - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Burundi recorded a government budget surplus of 10087.77 BIF Million in December of 2019. Government Budget Value in Burundi averaged -12023.23 BIF Million from 2005 until 2019, reaching an all time high of 78737.21 BIF Million in December of 2010 and a record low of -72443.34 BIF Million in February of 2015. This page provides - Burundi Government Budget Value- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Turkey recorded a government budget deficit of 41951225 TRY Thousand in March of 2020. Government Budget Value in Turkey averaged -3939005.32 TRY Thousand from 1985 until 2020, reaching an all time high of 20773054 TRY Thousand in January of 2020 and a record low of -41951225 TRY Thousand in March of 2020. The government budget balance is the difference between government revenues and expenses. The budget is balanced when outlays equal to receipts, the country reports budget surplus when revenues are higher than expenses and deficit when expenses exceed the revenues. Until 2005, data are cumulative. This page provides - Turkey Government Budget Value - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Australia recorded a government budget deficit of 9814 AUD Million in March of 2020. Government Budget Value in Australia averaged -604.10 AUD Million from 1973 until 2020, reaching an all time high of 14307 AUD Million in April of 2007 and a record low of -23705 AUD Million in June of 2012. The government budget balance is the difference between government revenues and expenses. The budget is balanced when outlays equal to receipts, the country reports budget surplus when revenues are higher than expenses and deficit when expenses exceed the revenues. This page provides - Australia Government Budget Value - actual values, historical data, forecast, chart, statistics, economic calendar and news.

China recorded a government budget deficit of 417.70 CNY Billion in March of 2020. Government Budget Value in China averaged -192.52 CNY Billion from 1990 until 2020, reaching an all time high of 5885.80 CNY Billion in January of 2012 and a record low of -15554.19 CNY Billion in December of 2013. The government budget balance is the difference between government revenues and expenses. The budget is balanced when outlays equal to receipts, the country reports budget surplus when revenues are higher than expenses and deficit when expenses exceed the revenues. This page provides - China Government Budget Value - actual values, historical data, forecast, chart, statistics, economic calendar and news.

South Africa recorded a government budget deficit of 2581 ZAR Million in March of 2020. Government Budget Value in South Africa averaged -3119.13 ZAR Million from 1960 until 2020, reaching an all time high of 37586 ZAR Million in June of 2019 and a record low of -107881 ZAR Million in July of 2019. The government budget balance is the difference between government revenues and expenses. The budget is balanced when outlays equal to receipts, the country reports budget surplus when revenues are higher than expenses and deficit when expenses exceed the revenues. This page provides - South Africa Government Budget Value - actual values, historical data, forecast, chart, statistics, economic calendar and news.

France recorded a government budget deficit of 52.50 EUR Billion in March of 2020. Government Budget Value in France averaged -49.87 EUR Billion from 1994 until 2020, reaching an all time high of -4.21 EUR Billion in January of 2000 and a record low of -148.80 EUR Billion in December of 2010. The government budget balance is the difference between government revenues and expenses, including the treasure special component. The budget is balanced when outlays equal to receipts, the country reports budget surplus when revenues are higher than expenses and deficit when expenses exceed the revenues. This page provides the latest reported value for - France Government Budget Value - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Mexico has improved, but needs to give greater priority to the criminal enforcement of bribery and ensure that its criminal law enforcement authorities have all the resources and expertise they need to seriously investigate all allegations, according to a new OECD report.