sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
General »
 Income tax return (ITR) filing: EPF gives you tax benefit under section 80C, but there is catch
 Finance ministry notifies annual tax return forms for businesses registered under GST
 ITR filing: Use this last day checklist and avoid penalty
 Income tax return filing 2018: Claiming foreign tax credit – how to deal with practical challenges
 Are you liable to pay tax on money received as gift?
 What are the Income Tax benefits to donors of Kerala flood victims?
 Here’s how you can reduce your taxes on pension income
 How to reset password on income tax e-filing website
 Income tax returns (ITR) filing: Taxpayers must include assets while filing tax if earnings overshoot mark
 No penalty on late filing of ITR if your income doesn't cross this limit
 File your income tax return before July 31 to avoid paying penal fees

G8 pledges action on tax evasion, few concrete measures
June, 19th 2013

The world's rich economies said they would take a tougher stance on fighting money laundering and tax evasion but promised little in the way of specific new action at the end of a two-day summit on Tuesday

Group of Eight leaders signed up for a list of aims including improving the transparency of who owns shell companies and deepening information-sharing between tax authorities. They also said they wanted companies to provide greater information to tax authorities on their profits.

British Prime Minister David Cameron has sought to clamp down on secret flows of money, making it a centrepiece of his presidency of the G8 this year.

But the communique did not contain a firm pledge to create registers of the so-called beneficial - or true - owners of companies. That was something which Britain committed to on Saturday and many campaigners had hoped other G8 countries would follow suit.

The G8 leaders, meeting in Northern Ireland, said their governments would draw up action plans on how to move towards collecting and sharing information on beneficial ownership "subject to our different constitutional circumstances".

The United States pledged to keep on pressing for legislation to cut down on the criminal use of shell companies but did not take firmer action for now.

A frequent critic of tax havens, the United States has come under fire from campaigners for the low transparency requirements around ownership of corporate entities registered in some U.S. states such as Delaware.

The White House is keen to tackle such criticism and said it would push for registers of the true ownership of American companies.

"The U.S. will continue to forcefully advocate for comprehensive legislation to require the disclosure of beneficial ownership information, including a requirement to identify and verify beneficial ownership information at the time a company is formed," it said in a statement.

Gavin Hayman, director of campaigns at anti-corruption group Global Witness, said the U.S. announcement fell short of Britain's pledge of Saturday although some of the details on the possible definition of beneficial ownership looked stronger than previous proposals by Washington.

"The U.S. has promised this kind of thing before ... and not a lot happened," said Hayman.

Under the new British rules, companies will be required to obtain and hold information on their ownership and control which will then be held in a central registry, available to police and revenue agencies.

The G8 called on the Organisation for Economic Co-operation and Development (OECD), which advises rich nations on economic policies, to develop a template under which multinational corporations could be required to report profits and tax payments on a country-by-country basis, to tax authorities.

Tax campaigners had called for published country-by-country reporting to help shame companies into paying their fair share of taxes.

The G8 also said countries should change rules that let companies shift their profits across borders to avoid taxes.

Countries including Ireland and Luxembourg have come under criticism in the past year for allowing big international companies to shift profits from larger neighbouring markets into tax havens. (Additional reporting by Roberta Rampton; writing by Tom Bergin in London; editing by William Schomberg)

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions