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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.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 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.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. Shadowy arrangements
The summit in Northern Ireland also agreed that multinationals should tell all tax authorities about what taxes they pay and where.
"Countries should change rules that let companies shift their profits across borders to avoid taxes," the statement said.
It follows revelations about the ways in which several major firms - including Google, Apple, Starbucks and Amazon - have minimised their tax bills.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. Illegal activities, including tax evasion and money laundering, will be tackled by the automated sharing of tax information.
Ahead of the summit, the Organisation for Economic Co-operation and Development (OECD), proposed to share tax information by building on an existing system set up by the US and five major European economies, but on a global scale.
The OECD includes all of the G8 members except Russia.
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.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.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 White House also announced a similar plan for the US.
Last week the UK also unveiled a deal with its crown dependencies and overseas territories - including the Channel Islands, Gibraltar and Anguilla - to start sharing more information on which foreign companies bank their profits there.
About a fifth of offshore tax havens, which are used by multinationals to shelter cash from the tax authorities, are British dependencies.
"Of course Britain's got to put its own house in order," said Mr Osborne, adding that the government would launch a consultation on whether the register should be published or just be available to the HMRC.
Speaking during the summit, Mr Osborne said more progress had been made on reforming the global tax system in the past 24 hours than the "past 24 years".
Conflict zones
The G8 communique also demanded more transparency from mining firms.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."
The governments agreed that mining companies should disclose all the payments they make, and that "minerals should not be plundered from conflict zones".
Tax, trade and transparency - dubbed "The Three Ts" - were placed at the top of the UK's agenda for its presidency of the G8, which includes the UK, US, Germany, France, Italy, Russia, Canada and Japan.
But the summit in has been overshadowed by disagreements over the conflict in Syria, with Russian president Vladimir Putin coming under pressure from western leaders to agree a joint statement or face isolation.