Tag Archives: Tax Avoidance

G7 Countries Agree on More Stern Policies to Control Tax Avoidance and Tax Evasion

The G7 countries are all geared up to work on collective decision for preventing tax avoidance and tax evasion and promoting economic growth throughout UK. In a crucial two-day meeting at Buckinghamshire, Chancellor Osborne encouraged all the individuals and firms to pay the tax billed and become a part of sustainable global economy recovery.

G7

He is also assisted by Mervyn King and other G7 nation’s central bank governors and finance ministers in addressing the delicate issue of MNCs targeting easily transferable pricing rules to move their profits into tax havens like Cayman Islands and the Jersey. He said that these UK territories will have to play an active role in solving the problem of tax avoidance and tax evasion.

“We must have an efficient system in place to save big banks from failing and protect honest taxpayers in a transparent manner,” Osborne said. The problem of tax evasion and avoidance is difficult to control until all the European countries agree to share exclusive details on possible violation in the area of taxation.

 

France, Italy, Spain, Germany, the US and UK are presently signed up to the pilot scheme which enables tax professionals to share information of firms and individuals with one another. G7 wants the remaining European countries including low tax territories Austria and Luxembourg to join this unique scheme at the earliest and reduce the cases of tax evasion and avoidance.

G7 is the popular platform where all the member countries have reiterated their commitment to the tax evasion through new tax policy and promote a lasting economy recovery so that growth and prosperity can be enjoyed by all the European countries in real time.