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Crackdown on big business tax avoidance planned

Governments risk "global tax chaos" as they chase dwindling revenues from multinational companies unless the international tax regime is radically overhauled, according to a report commissioned by the G20 group of nations...The...report...says "a bold move by policy makers" is necessary to prevent a worsening in the position. The OECD calls it "a turning point in the history of international co-operation on tax". The report sets out 15 separate actions the international community needs to take to modernise a tax system established in the 1920s. It argues the international tax system is outmoded and unequipped to deal with mobile multinational firms that have found innumerable ways of avoiding tax often by shifting profits to low-tax countries. [refers to Google, Starbucks, Amazon, Apple]

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OECD releases set of actions to modernise intl. tax system & crackdown on corporate tax avoidance

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