BBC News, 18
June 2013
Related
Stories
Leaders of
the G8 major economies have agreed new measures to clamp down on money
launderers, illegal tax evaders and corporate tax avoiders.
They
include requiring shell companies - often used to exploit tax loopholes and
invest money anonymously - to identify their effective owners.
Governments
also agreed to give each other automatic access to information on their
residents' tax affairs.
The summit communique urged countries to "fight the scourge of tax evasion".
The
measures are designed to combat illegal evasion of taxes, as well as legal tax
avoidance by large corporations that make use of loopholes and tax havens.
It was
agreed that multinationals should tell all tax authorities about what taxes
they pay and where.
It follows
revelations about the ways in which several major firms - including Google,
Apple, Starbucks and Amazon - have minimised their tax bills.
Illegal
activities, including tax evasion and money laundering, will be tackled by
automated sharing tax information.
Among the
information to be shared will be who actually ultimately benefits from the
shadowy shell companies, special purpose companies and trust arrangements often
employed by tax evaders and money launderers.
Earlier in
the day, UK Chancellor George Osborne unveiled plans for a UK register of
companies and their owners.
The White
House also announced a similar plan for the US.
The G8
communique also demanded more transparency from mining firms.
It follows
revelations that many major mining companies use complex ownership structures
in the Netherlands and Switzerland to avoid paying taxes on the minerals they
extract in developing countries.
"Developing
countries should have the information and capacity to collect the taxes owed
them," the communique said.
"Other
countries have a duty to help them."
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