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Global tax evasion under G20 scrutiny: US Treasury Secretary Jacob Lew described taxation reform as among the G20's most crucial initiatives Friday
http://goingglobaleastmeetswest.blogspot.com/2014/02/global-tax-evasion-under-g20-scrutiny.html

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February 21, 2014

Global tax evasion under G20 scrutiny

US Treasury Secretary Jacob Lew described taxation reform as among the G20's most crucial initiatives Friday as the world's major economies look to close loopholes used by huge multinational firms.

"The G20's work on tax cooperation is among our most important new initiatives," he said from Sydney, backing the need for tax harmonisation.

"Automatic exchange of information has quickly become the new global standard, and I believe that the G20 should continue to provide its full support and encourage all nations to adopt the standard."

His comments follow those of IMF chief Christine Lagarde on Thursday, who called accounting for revenues from new global digitised businesses like Google and Apple a "big ongoing problem and process" and urged governments to radically rethink international tax arrangements.