Top economies move to crack down on corporate tax evasion
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.