|
On Friday the Organization for Economic Cooperation and Development unveiled a 15-point plan for a united front to fight tax avoidance by multinational companies. If adopted, the measures would close loopholes and allow countries to tax profits held in offshore subsidiaries. It would also target such practices as deducting the same expense more than once, in more than one country. At a summit last month in Northern Ireland, leaders of the G-8 countries published sweeping goals for tightening the tax rules on globe-trotting corporations that long have exploited loopholes to shift profits into foreign shelters that charge little tax or none. But that initiative, aimed at forcing the Googles and Apples of the world to pay higher taxes, contained only aspirations, not binding commitments.
[Associated
Press;
Copyright 2013 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.