(MENAFN) Top world economies agreed to implement stricter rules on cross-border taxation that would eliminate loopholes allowing multinational companies to evaded paying taxes, Khaleej Times reported
The Group of 20 adopted a set of standards to share bank account information across borders with automatic exchange of information among members to take effect by the end of 2015
The Australian Finance Minister said at a meeting of G-20 finance ministers and central bankers: "Some multinational companies aren't paying their fair share of tax anywhere."
Reports of companies shifting their profit from high tax countries to more a relaxed tax environment have caused public inquiries in the US and Britain
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