Top economies move to crack down on corporate tax evasion

By: | Published: October 6, 2015 12:05 AM

Leading world economies are close to adopting sweeping changes to international tax rules that could end tax-dodging by powerful multinationals.

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 $100 billion to $240 billion into government budgets. It’s the result of two years of negotiations among dozens of governments, companies and non-governmental 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.

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