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| OECD: Global firms need new tax rules | OECD: Global firms need new tax rules |
| (34 minutes later) | |
| Moves to tackle corporate tax avoidance on a global scale have been unveiled by the Organisation for Economic Co-operation and Development (OECD). | Moves to tackle corporate tax avoidance on a global scale have been unveiled by the Organisation for Economic Co-operation and Development (OECD). |
| The action plan is aimed at multinational companies that shrink their tax bills by shifting their profits from one country to another. | The action plan is aimed at multinational companies that shrink their tax bills by shifting their profits from one country to another. |
| Firms including Starbucks, Amazon and Google have been accused of pursuing such strategies. | Firms including Starbucks, Amazon and Google have been accused of pursuing such strategies. |
| They have all said they operate within the law. | |
| The OECD says 44 nations making up 90% of the world economy favour its plan. | The OECD says 44 nations making up 90% of the world economy favour its plan. |
| Announcing the proposals, the OECD's head of tax, Pascal Saint-Amans, told journalists in Paris that they would "change the rules of the game" by making sure companies paid taxes in the country where profits were generated. | Announcing the proposals, the OECD's head of tax, Pascal Saint-Amans, told journalists in Paris that they would "change the rules of the game" by making sure companies paid taxes in the country where profits were generated. |
| At present, firms can exploit agreements intended to avoid double taxation of profits by using them to obtain double tax deductions instead. | At present, firms can exploit agreements intended to avoid double taxation of profits by using them to obtain double tax deductions instead. |
| They also use internal billing procedures to ensure that profits are registered in countries where corporate tax levels are lower. | They also use internal billing procedures to ensure that profits are registered in countries where corporate tax levels are lower. |
| Under the OECD plan, a country-by-country model would require firms to declare their revenue, profit, staffing and tax paid in each jurisdiction. | Under the OECD plan, a country-by-country model would require firms to declare their revenue, profit, staffing and tax paid in each jurisdiction. |
| The measures will go before finance ministers at the next meeting of G20 nations in Australia this weekend. | The measures will go before finance ministers at the next meeting of G20 nations in Australia this weekend. |