Last Updated : GMT 06:22:25
Arab Today, arab today
Arab Today, arab today

OECD calls on member states to take action

G20 receives \'action plan\' to curb tax avoidance

Arab Today, arab today

Arab Today, arab today G20 receives \'action plan\' to curb tax avoidance

IMF Managing Director Christine Lagarde (R) with Mexican Central Bank governor Agustin Carstens
Moscow - Arab Today

IMF Managing Director Christine Lagarde (R) with Mexican Central Bank governor Agustin Carstens The OECD presented G20 nations with a bold strategy on Friday to crack down on tax avoidance by corporate giants and the super rich, and so boost overstretched national budgets. The G20 group of emerging and advanced nations had asked the Organisation for Economic Cooperation and Development (OECD) to come up with the action plan after agreeing earlier this year to focus on tax avoidance.
The OECD said that governments had to improve alignment between their tax regulations to prevent big investors from parking huge sums in tax havens.
The plan was presented at the start of the latest meeting of G20 finance ministers and central bankers in Moscow under the Russian presidency, in the hope it will be agreed in the final communique on Saturday.
 \"It (the plan) sets forth 15 actions that would result in most fundamental changes in the tax systems since the 1920s,\" said OECD Secretary General Angel Gurria.
\"We must address this so that multinationals pay their fair share,\" he added.
The proposal seeks to end the possibility for multinational companies to profit from tax agreements between separate states and ultimately pay very little or zero tax.
The main champions of the plan - Germany, Britain, France and Russia - want it to be adopted by the entire G20 and then implemented in the next two years.
\"Some big companies manage to have a three or four-percent tax rate worldwide,\" French Finance Minister Pierre Moscovici told a news conference.
\"These situations are impossible to explain to our fellow citizens ... The plan is a major breakthrough,\" he added.
British Chancellor of the Exchequer, George Osborne, said the OECD plan represented \"a major step forward\" in the battle against tax avoidance.
\"The message is clear - people and companies are to pay the taxes that are due,\" said Osborne.
There had been doubts about Moscow\'s commitment to the issue, given many Russian firms are registered abroad for tax reasons, a practise that was highlighted sharply by the Cyprus crisis.
But Osborne said Moscow was fully involved in the plan.
\"The Russian presidency has picked up the issue, there is a clear commitment to endorse this agenda,\" he said.
Russian Finance Minister Anton Siluanov said it was essential the measures were adopted by the entire G20.
\"Applying these measures in a single country or just a group will produce no result,\" he said.
The OECD said in its plan that a proper rule system was needed as the current framework was \"consensus-based\" and risked being entirely undermined, especially as the digital economy becomes ever more important.
\"New international standards must be designed to ensure the coherence of corporate income taxation at the international level,\" the OECD said.
\"A bold move by policy makers is necessary to prevent worsening problems,\" said the OECD.
Finance ministers and central bank chiefs will now hope to make a strong and unified statement on tax avoidance in their final communique.
Actions proposed by the OECD include requiring taxpayers to disclose their aggressive tax planning arrangements to the fiscal authorities but also making dispute resolution mechanisms more effective.
Companies in the spotlight in the last months for using these legal, but controversial, methods of booking profits in low-tax countries include US giants Google, Amazon and Starbucks.
\"Fundamental changes are needed to effectively prevent double non-taxation,\" the OECD said. \"Moreover, governments must continue to work together to tackle harmful tax practices and aggressive tax planning.\"
The G20 at its meeting is also set to debate the health of the global economy and how to prevent a renewed slowdown as growth in emerging markets cool.
The United States made clear that the fight against unemployment should be at the centre of the agenda with US Treasury Secretary Jacob Lew calling on EU states to do more to improve demand and growth.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today g20 receives \action plan\ to curb tax avoidance Arab Today, arab today g20 receives \action plan\ to curb tax avoidance


Arab Today, arab today
Arab Today, arab today Adidas Originals ‘reinterpreted’

GMT 14:52 2016 Thursday ,01 December

Adidas Originals ‘reinterpreted’
Arab Today, arab today Ajman Tourism launches time capsule

GMT 13:17 2016 Friday ,25 November

Ajman Tourism launches time capsule
Arab Today, arab today Paris's matchbox apartments

GMT 10:37 2016 Saturday ,24 September

Paris's matchbox apartments
Arab Today, arab today US-led coalition admits 54 deaths

GMT 08:47 2016 Friday ,02 December

US-led coalition admits 54 deaths
Arab Today, arab today French satire mag hits Germany

GMT 09:52 2016 Thursday ,01 December

French satire mag hits Germany

GMT 09:08 2016 Friday ,02 December

Gazans hope Coca-Cola plant refreshes economy

GMT 10:37 2016 Thursday ,01 December

Happy Brexit Christmas! Prices stay even for now

GMT 10:30 2016 Thursday ,01 December

Energy firms lead Asian equities rally on OPEC deal

GMT 08:45 2016 Thursday ,01 December

Trump vows to put aside doubts over business empire

GMT 16:55 2016 Wednesday ,30 November

London skyscraper plan approved

GMT 12:29 2016 Tuesday ,29 November

Concludes Successful Visit to Uganda

GMT 08:55 2016 Tuesday ,29 November

SWIFT announces the Business Forum UAE
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Dino-killing crater shows clues

GMT 14:43 2016 Thursday ,24 November

Dino-killing crater shows clues
Arab Today, arab today Punk memorabilia torched

GMT 13:52 2016 Monday ,28 November

Punk memorabilia torched
Arab Today, arab today Green groups pressure Spain

GMT 13:01 2016 Thursday ,01 December

Green groups pressure Spain
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Hyundai allows Saudi journalists

GMT 15:14 2016 Thursday ,01 December

Hyundai allows Saudi journalists
Arab Today, arab today Latest Infiniti QX to compete

GMT 13:16 2016 Saturday ,26 November

Latest Infiniti QX to compete
Arab Today, arab today To find German funny bone

GMT 12:45 2016 Tuesday ,29 November

To find German funny bone
Arab Today, arab today Car manufacturers to power Europe

GMT 13:01 2016 Tuesday ,29 November

Car manufacturers to power Europe

GMT 08:49 2016 Monday ,28 November

Israeli Arab rapper's music provokes

GMT 11:55 2016 Monday ,21 November

Amal Al-Qubaisi attends reception

GMT 04:15 2016 Thursday ,30 June

World's largest uncut diamond fails

GMT 12:39 2016 Friday ,25 November

Arctic 9-12C above normal

GMT 15:59 2015 Wednesday ,27 May

Seoul elevates gardening to high art

GMT 12:39 2016 Saturday ,26 November

Skin patch could help kids

GMT 09:35 2016 Saturday ,19 November

Hyperloop One settles co-founder

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 09:53 2016 Sunday ,15 May

OMEGA official timekeepers
Arab Today, arab today
Arab Today, arab today
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Powered and Developed by FilmMatters

Copyright © 2016 Arabtoday

Developed by FilmMatters

© 2016 Arabtoday

arabtoday arabtoday arabtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabtoday, Arabtoday, Arabtoday