G8 agree to fight tax avoidance of companies such as Amazon, Apple and Google Calls for more transparency over ‘shell companies’ that exploit tax loopholes By Lee Bell / Tue Jun 18 2013, 17:34 LEADERS OF THE G8 NATIONS have announced a crackdown on money laundering, tax evasion and aggressive tax avoidance at the end of a two day summit in Northern Island. Proposed by UK Prime Minister David Cameron at the gathering in Lough Erne today, the curb on tax avoiders will require "shell companies", which are often used to exploit tax loopholes, to be more transparent regarding the "beneficial ownership" of businesses. It was agreed that among the information to be shared will be who benefits from the operations of shell companies, special purpose companies and trust arrangements often employed by tax evaders.
Posted on: Wed, 19 Jun 2013 04:49:10 +0000
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