The G20 Members To Share Tax Information By The End Of 2015

During the G20 Leaders' Summit in St. Petersburg, the members have signed up to begin automatically sharing tax information by the end of 2015 in an effort to actively prevent tax evasion. The decision was taken to close loopholes that allow legal tax avoidance by big organizations.

The G20 heads of states adopted a declaration that profits should be taxed where economic activities are performed and where value is created.

Over 50 countries have agreed to facilitate exchange of information on tax issues, however many developing countries have not yet signed up to the international convention. The G20 leaders have stated that they will share experience with these countries on tracking funds in low-tax jurisdictions.

The declaration follows similar moves at the G8 Summit in Lough Erne, Enniskillen in Northern Ireland that took place in June 2013. In a wide-ranging agreement, the G8, which includes United Kingdom, United States of America, Germany, France...