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Home BUSINESSG8 leaders agree tax evasion measures
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Wed, 19 Jun, 2013 12:00:20 AM
FTimes News Desk, June 19
File picture,G8 Summit in Enniskillen, Northern Ireland, on June 17, 2013. Photo AFP / Lehtikuva
Leaders of the G8 major economies have agreed new measures to clamp down on money launderers, illegal tax evaders and corporate tax avoiders, reported BBC.
Governments agreed to give each other automatic access to information on their residents' tax affairs.
They will also require shell companies - often used to exploit tax loopholes and invest money anonymously - to identify their effective owners.
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
File picture,G8 leaders (L-R) Japan's Prime Minister Shinzo Abe, Germany's Chancellor Angela Merkel, Russia's President Vladimir Putin, Britain's Prime Minister David Cameron, US President Barack Obama, France's President Francois Hollande, Canada's Prime Minister Stephen Harper and Italy's Prime Minister Enrico Letta stand on the podium for the family photograph on the second day of the G8 summit at the Lough Erne resort near Enniskillen in Northern Ireland on June 18, 2013. Russia and the US agreed at the G8 summit to push for Syria peace talks, but Presidents Vladimir Putin and Barack Obama made clear their deep differences over the conflict. Photo AFP / Lehtikuva
large corporations that make use of loopholes and tax havens. Link to the original report is BBC.
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