G8 leaders agree on joint fight against tax havens

The leaders of the G8 – the world's eight largest industrialized countries have - agreed to a series of proposals aimed at dealing with the problem of tax evasion by international companies. The aim of the proposals is for the G8 countries to change their tax laws and raise transparency in the dealings of large businesses.

 

The agreement was signed at the end of the G8's two-day summit in Northern Ireland where one of the major topics on the agenda was the issue of tax havens. According to the agreement, the tax authorities around the world need to share such information automatically in order to "fight tax evasion." In addition, international companies must report to the tax authorities how much tax they pay and in which countries they pay it.