The G20 wants to curb abusive tax avoidance of multinationals – La Rioja

The G20 wants to curb abusive tax avoidance of multinationals – La Rioja

All together … for the money. The G20 has touched the alarm to recover part of the fiscal drain that suffers every year because of abusive avoidance of large multinationals like Starbucks, Amazon, Google or Apple, among others, that take tax havens earnings before have obtained in normal taxation countries. One of the hardest hit areas is precisely the European Union, where every year a trillion euros because of these practices and fraud in general is lost. The figure is equivalent to 2,000 euros per citizen and that worries the head of the Commission, especially when on the table is the need to raise funds to implement plans for economic recovery, especially in a well ailing eurozone.

This is the main reason from Brussels strongly supports the plan against the erosion of the tax base and the movement of benefits (BEPS in English) prepared by the Organization for Economic Cooperation and Development Economic (OECD) yesterday introduced the first G20 package during their meeting this weekend in the Australian city of Cairns Ministers of Economy and Finance of its partners, including the Spanish Luis de Guindos.

The OECD Secretary General Angel Gurria said that many large companies do not pay taxes in the countries where they generate their profits artificially relocate the origin of their activity in others that offer better tax treatment . This said, a “serious threat” not for tax collection, but also for their sovereignty and justice of taxation systems worldwide.

“We close loopholes,” Gurria said before seen with the countries attending the G20. “The idea is to neutralize the coffers of these multinationals businesses have about 2 billion dollars (1.5 billion euros) in low-tax jurisdictions,” he added.

The Most

The first seven points of this plan of 15 chapters, which will be discussed in Cairns, provide for the design of a new tax model and treated to ensure consistency of corporate tax payments internationally.

More than two years later

Gurria said about 40 countries are ready to implement these measures in 2017 and the rest could do it the following year. Among the first to make a commitment is Australia, as announced by the federal Treasurer, Joe Hockey.

also stressed the importance of including developing countries to benefit from these measures, and thus prevent their territories from being used as tax havens. “The main challenge is to catch fraudsters leave them a place to hide. That is the question, because the unilateral action of one country will not get the job done, “insisted Hockey.

In addition BEPS-whose first measures were adopted at the G20 leaders’ summit scheduled for November in Brisbane and the rest in 2015 and another meeting in Turkey, the finance ministers and bank governors G20 central Cairns discussed proposals about 900 policy initiatives to promote economic growth, job creation and infrastructure construction.