The world’s leading finance ministers agreed new rules for taxing profits yesterday, warning multinational companies they can no longer use their size and international presence to dodge taxes.
Under the new rules, companies such as Starbucks, Amazon and Google will find it harder to concentrate their profits in low-tax countries and tax havens, raising up to $250bn a year in additional tax revenues, according to the OECD.
Angel Gurría, head of the OECD, the club of mostly rich nations that has drawn up the new rules, said it was time “to recover the trust of our citizens” and move to the next phase of a “well-defined trilogy: implementation, implementation, implementation”.
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