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Financial G20 calls for stopping profit withdrawal from countries with low taxes

July 20, 2013, 17:09 UTC+3
The Financial G-20 urged all countries to join the Multilateral Convention on Mutual Administrative Assistance in tax issues immediately
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Photo EPA/ITAR-TASS

Photo EPA/ITAR-TASS

MOSCOW, July 20 (Itar-Tass) - Participants in the meeting of G-20 finance ministers and heads of central banks have called for setting international and internal tax rules, which prevent multinational corporations from reducing the total sum of paid taxes by means of artificial movement of profit to the jurisdiction with low taxes.

According to a communique adopted by the G-20 finance ministers and heads of central banks in Moscow on Saturday, taxes should be imposed on profit where functions, which stimulate profit, are being fulfilled, and where the value is being created.

The G-20 priority is to strengthen the growth and increase jobs, the communique says. “We agreed that our short-term priority is to increase jobs and step up the economic growth,” the G-20 finance ministers and heads of central banks said.

The Financial G-20 will ask the Organization for Economic Cooperation and Development to prepare an account on creating a global model for multifaceted automatic exchange of tax information by the next meeting due to be held in Washington, the communique says.

The Financial G-20 obliges to make the automatic exchange of information obtainable for all countries, including the countries with low income, will help them create such potential, the communique says.

The Financial G-20 urged all countries to join the Multilateral Convention on Mutual Administrative Assistance in tax issues immediately.

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