At the G-20 Summit held in Los Cabos, Mexico in June 2012, leaders reiterated their commitment to strengthen transparency and comprehensive exchange of tax information including through the Global Forum on Transparency and Exchange of Information for Tax Purposes and through the Multilateral Convention on Mutual Administrative Assistance. This will be mainly achieved through peer reviews of countries‟ compliance with internationally agreed tax standards.
However, there needs to be a reorientation of spending towards infrastructure, to help catch up with European standards, and to improve connectivity and competitiveness of our economy. 2. Second, we need to continue to strengthen the single financial system of Bosnia and Herzegovina. The banking system in Bosnia and Herzegovina is strong and stable. There is enough liquidity and sufficient capital.