G20 Leaders Agreed To Share Tax Information

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G20 LEADERS In accordance to a communique published on Friday, G20 leaders have agreed to start sharing tax information by 2015. The decision was taken to tackle large organizations who engage in global tax evasion by using legal loopholes. Recommendations from the G20 members will be heard on the matter of setting up a system so that profits are taxed ‘where economic activities deriving the profits are performed and where value is created’. Approximately 50 countries have shown interest and signed up for an international convention that will promote ideas on the exchange of information for tax issues. For countries that have not signed up, the G20 leaders have also announced that they will help developing nations tackle tax evasion by helping them track funds in tax havens.