British, French, German governments to crack down on tax avoidance
The British, French and German governments launched a joint initiative on Saturday to crack down on tax avoidance by multinational companies such as Apple that will be presented to a G20 finance leaders meeting in July, reports "Reuters."
The plan, unveiled by the three countries' finance ministers at a G20 meeting in Moscow, follows up on a report by the Organisation for Economic Cooperation and Development (OECD) that many big firms country-hop to pay less tax. The tax reform plan comes at a time when governments are facing public outrage over how some multinational companies handle their international tax affairs, notes "Reuters."
In Britain, the issue of multinational tax avoidance has risen to the top of the political agenda, after revelations that companies such as Starbucks, Apple, Starbucks and Amazon were using complex inter-company transactions to cut their tax bills. Read more at http://tinyurl.com/azzpboh .