Leaders at the G8 summit in Northern Ireland have agreed upon new measures to tackle tax evasion in what Cameron has called an end to ‘the era of tax secrecy’.

The leaders of the largest industrialised nations: the UK, US, Germany, France, Italy, Russia, Canada and Japan have signed up to measures that are designed to fight high level tax avoidance and tax evasion, tackling large corporations using loopholes in the law and tax havens. 

Agreed measures include:

  • Automatic access to information on residents’ tax affairs for G8 member countries
  • Shell companies (companies used to exploit tax loopholes)to be legally required identify their owners.

The G8’s declaration recommends that multinational corporations should report to the authorities what tax they pay and where, and profit shifting in order to avoid tax be made illegal.

Read more about tax avoidance and tax evasion in the news.

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