Tax loophole targeted
Print Edition
WORLD leaders yesterday approved a crackdown on tax avoidance by multinationals like Google, Apple and McDonalds whose rock-bottom tax bills have provoked widespread outrage.
The heads of the G20 economies put their seal on a plan to close loopholes that let some big companies shift profits to low-tax nations so as to slash their bills, leaving ordinary tax payers fuming.
Chinese leader Xi Jinping, United States President Barack Obama and Britain’s Prime Minister David Cameron were among those to endorse the clampdown, which was drawn up by the Organization for Economic Cooperation and Development.
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