G20 fight against tax evasion

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g20On the 19thof July, a meeting of G20 finance ministers will be held in Moscow. The leaders are planning to introduce a new scheme to fight tax evasion.

The Organization of Economic Cooperation and Development (OECD) prepared a plan of action to combat the diversion of legitimate income from taxation of international companies and submit it to G20. The authorization of this document is scheduled for Friday.

In its action plan, the OECD intends to oblige companies to increase the level of transparency to the fiscal authorities, informing them of their instruments to optimize the costs of paying taxes.

United Kingdom is in the lead of this Movement, insisting on the reform of international tax law.

One of the major groups of CBI – Britain’s main business group, will be publishing a report with the heading ‘Ministers must resist reforms that could reduce the competitiveness of the UK in the tax field, concerned primarily with foreign profits.’

The report said: ‘Maintaining and improving the competitiveness of the UK tax should be a key goal when the UK seeks rewrite of global tax rules.’