Pay up, multinationals told
- Published: 19 Jul 2013 at 20.45
- Online news:
PARIS - Stashing profits offshore may soon get tougher for companies, thanks to an ambitious plan released on Friday by the finance chiefs of leading world economies aimed at forcing multinationals to pay more taxes.
Low tax payments by major global companies - including Apple, Google, Amazon, Facebook and Starbucks - have sparked public anger in Europe, as governments struggle with high debts, low growth and austerity measures squeeze ordinary taxpayers.
"National tax laws have not kept pace with the globalisation of corporations and the digital economy, leaving gaps that can be exploited by multinational corporations to artificially reduce their taxes," the Organization for Economic Cooperation and Development said in a statement on Friday announcing the new tax plan. It was introduced at a meeting of the Group of 20 finance ministers in Moscow.
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