Reuters - Video

Edition: US | UK | IN | CN | JP

Video

Fight the flight: 60 countries unite to end tax secrecy

Thursday, May 30, 2013 - 02:05

May 30 - The public backlash on corporate tax avoidance is growing – and politicians are listening. At this week’s OECD meeting another 12 countries pledged to fight tax secrecy, bringing the total to 60.

▲ Hide Transcript

View Transcript

That big that's successful and they make money right now that rule so the center of some -- unwanted attention over -- tax practices. Yup it's there's household names like Google Amazon Starbucks and apple. Who have recently found themselves being quizzed by lawmakers around the world and their counting which governments fear might have met the taxman a few dollars source. Worried about public backlash politicians are getting their act together and frost. And we CD get together this week and the twelve countries signed up to -- taxi -- That takes the total to more than sixty. Plans for a smoother exchange of information and better cooperation on tax collection. We are in an environment. Where. The people face increases. In taxes in the -- personal income tax at the same time they realize that some. Profitable companies don't pay much if anything apple. And that creates a political apartment governments and the the -- fitting that people you'll face increasing the eighteenth but some others would not -- anything. Even though it's legal. -- this is nuts but he deeply acceptable. This. Urgency comes ahead of the G-20 meeting in -- that also -- tax avoidance. Even ministers from Austria and Luxembourg don't -- as the holdouts were -- to be seen signing up this week. That said those holdouts still desperate to keep business from the likes of Amazon. Which runs the bulk of its European operations out of Luxembourg. We have very. Attractive tax regimes in view page in the islands in the Netherlands sometimes in Luxembourg so does it really should that applies to all comfortable we will prepare. Is another thing you under their competition. The only GD hasn't yet put a finger on what these charges could reach the taxman. But to give you an idea of the numbers the -- he says around two trillion US dollars of profits accumulated by US firms on loan. -- parked outside of the country. Staggering sums and times of austerity. Acts of growth rolls Royces.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Fight the flight: 60 countries unite to end tax secrecy

Thursday, May 30, 2013 - 02:05