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| G8 leaders agree tax evasion measures | G8 leaders agree tax evasion measures |
| (35 minutes later) | |
| Leaders of the G8 major economies have agreed new measures to clamp down on money launderers, illegal tax evaders and corporate tax avoiders. | Leaders of the G8 major economies have agreed new measures to clamp down on money launderers, illegal tax evaders and corporate tax avoiders. |
| They include requiring shell companies - often used to exploit tax loopholes and invest money anonymously - to identify their effective owners. | |
| Governments also agreed to give each other automatic access to information on their residents' tax affairs. | Governments also agreed to give each other automatic access to information on their residents' tax affairs. |
| The summit communique urged countries to "fight the scourge of tax evasion". | |
| The measures are designed to combat illegal evasion of taxes, as well as legal tax avoidance by large corporations that make use of loopholes and tax havens. | |
| It was agreed that multinationals should tell all tax authorities about what taxes they pay and where. | |
| It follows revelations about the ways in which several major firms - including Google, Apple, Starbucks and Amazon - have minimised their tax bills. | |
| Illegal activities, including tax evasion and money laundering, will be tackled by automated sharing tax information. | |
| Among the information to be shared will be who actually ultimately benefits from the shadowy shell companies, special purpose companies and trust arrangements often employed by tax evaders and money launderers. | |
| Earlier in the day, UK Chancellor George Osborne unveiled plans for a UK register of companies and their owners. | |
| The White House also announced a similar plan for the US. | |
| The G8 communique also demanded more transparency from mining firms. | |
| It follows revelations that many major mining companies use complex ownership structures in the Netherlands and Switzerland to avoid paying taxes on the minerals they extract in developing countries. | It follows revelations that many major mining companies use complex ownership structures in the Netherlands and Switzerland to avoid paying taxes on the minerals they extract in developing countries. |
| "Developing countries should have the information and capacity to collect the taxes owed them," the communique said. | "Developing countries should have the information and capacity to collect the taxes owed them," the communique said. |
| "Other countries have a duty to help them." | "Other countries have a duty to help them." |