8 Sep 2013

G20 members to share tax info by late 2015

5:51 am on 8 September 2013

G20 members expect to begin automatically sharing tax information by the end of 2015 as part of their plans to tackle global tax evasion.

In a communique published on Friday, the G20 said steps would be taken to close loopholes that allow legal tax avoidance by big businesses.

Leaders meeting in St Petersburg also pledged to help developing nations tackle tax evasion by helping them track funds in tax havens.

More than 50 countries have signed an international convention to facilitate exchange of information on tax issues. But the BBC reports many developing countries have not done so.

The activities of big businesses that legally avoid large tax bills by moving profits from country to country are also targeted.

The communique said the G20 would be putting forward recommendations to set up a system so that profits are taxed "where economic activities deriving the profits are performed and where value is created".