MOSCOW — The world’s richest economies for the first time endorsed a blueprint on Friday to curb widely used tax avoidance strategies that allow some multinational corporations to pay only a pittance in income taxes.
It could be years before any changes take place in national tax laws and big corporations and other interest groups are sure to lobby heavily to preserve their tax breaks. But the proposal was the most concrete response yet to the intensifying pressure on governments around the world to address the issue.
The governments have strong motivation for change. They are starved for revenue and face citizenry who see inequity in a system that enables some highly profitable corporations to pay far lower tax rates than workers.
Read more...G-20 Backs Plan to Curb Tax Avoidance by Large Corporations - NYTimes.com
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