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Tax Avoidance Crackdown agreed by G20

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Tax Avoidance Crackdown agreed by G20

Post  Panda on Sat 7 Sep - 7:34

Tax Avoidance Crackdown Agreed By G20 LeadersLeaders agree an international deal but it may take many years to put the new tax treaties and laws in place.2:17pm UK, Friday 06 September 2013 Vladimir Putin greets David Cameron at the St Petersburg G20 summit
EmailSteps to tackle international tax avoidance have been agreed by world leaders meeting in Russia.

While the G20 in St Petersburg was dominated by tensions over the Syria crisis, a deal was reached on new rules to make it harder to hide money in tax havens and force companies to pay tax in the countries where they make profits.

But it may take years to get the necessary treaties and laws into place, and campaigners argue the developing world should also be included in the new arrangements.

It comes against a backdrop of criticism of tax avoidance by multinationals such as Google, Amazon and Starbucks, that costs taxpayers billions in lost revenues.

Google, Amazon and Starbucks have faced criticism over tax avoidance

Countries including Ireland and Luxembourg have also come under fire for allowing big international companies to shift profits from larger neighbouring markets into tax havens.

Back in June, MPs demanded that Google be fully investigated over its "highly contrived" tax arrangements designed to avoid corporation tax on its multibillion-pound UK revenues.

Members of the House of Commons Public Accounts Committee branded claims by the internet giant that its UK sales activities take place in low-tax Ireland as "deeply unconvincing".

Google has insisted it complies with all the UK’s tax rules, laid down by politicians.

Speaking at the G20 summit, Prime Minister David Cameron said making taxes more transparent is "a strong British priority".
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