The G7 heads of state and government have issued a joint declaration following the G7 Summit in Germany on 7-8 June 2015. The G7 leaders have highlighted commitments to: 1)Finalizing the proposed common international standards on total loss absorbing capacity (TLAC) for global systemically important banks (G-SIBs) by November 2015 following completion of impact assessment exercises; 2) Strengthening regulation and oversight of the shadow banking sector, including the implementation of the G20 shadow banking roadmap; 3) Finalizing concrete and feasible recommendations for the G20/OECD Base Erosion and Profit Shifting (BEPS) Action Plan by the end of 2015 and a commitment to encourage the G20 and OECD to establish a targeted monitoring system to ensure effective implementation; 4) Providing updates on national action plans for beneficial ownership transparency to combat tax evasion, corruption and other activities related to illicit flows of finance; and 5) Working with developing countries on the international tax agenda to help build up their tax administration capabilities.