Top economies move to crack down on cor­po­rate tax eva­sion

The China Post - - INTERNATIONAL -

Lead­ing world economies are close to adopt­ing sweep­ing changes to in­ter­na­tional tax rules that could end tax-dodg­ing by pow­er­ful multi­na­tion­als.

The Or­ga­ni­za­tion for Eco­nomic Co­op­er­a­tion and De­vel­op­ment re­leased a plan Mon­day to end tax shel­ters and re­quire com­pa­nies to pay taxes in the coun­tries where they earn prof­its, among other mea­sures.

The OECD says the plan could bring US$100 bil­lion to US$240 bil­lion into gov­ern­ment bud­gets. It’s the re­sult of two years of ne­go­ti­a­tions among dozens of gov- ern­ments, com­pa­nies and non­govern­men­tal groups. Fi­nance min­is­ters from lead­ing world economies will dis­cuss the plan in Peru on Thurs­day, and their lead­ers are ex­pected to fi­nal­ize it at a G-20 sum­mit next month in Tur­key.

Google, Face­book, Star­bucks and Ama­zon are among many com­pa­nies crit­i­cized for shift­ing prof­its to low-tax ju­ris­dic­tions.

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