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  1. Wealth
July 22, 2013

Guardian: G20 agrees to OECD’s anti-tax avoidance proposals

By Spear's

The Organisation for Economic Co-operation and Development (OECD) has won backing from the G20 group of industrialised nations for the first internationally co-ordinated attempt to clamp down on tax avoidance

The Organisation for Economic Co-operation and Development (OECD) has won backing from the G20 group of industrialised nations for the first internationally co-ordinated attempt to clamp down on tax avoidance.

Among the highlights of the plan are:

• Requiring online multinationals with extensive warehouse operations in an overseas country, such as Amazon, to pay local tax on any profits arising from sales in that country.

• Forcing multinationals to disclose to every tax authority a country-by-country breakdown of profits, sales, tax and other measures of economic activity such as headcount.

• Tougher rules to block transfers of high-value and mobile “intangible” assets, such as brands and intellectual property rights, to tax havens where there is little or no associated business activity.

Read the full story here

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