MercoPress. South Atlantic News Agency
G20 anticipates automatic tax information sharing by end of 2015 to tackle global evasion
G-20 divided on Syria, on world recovery but united on combating tax evasion and closing loopholes The Group of 20 said on Friday they expect to begin automatically sharing tax information by the end of 2015. The system of information sharing forms part of plans to tackle global tax evasion. In a communiqué published on Friday, G20 leaders said they would take steps to close loopholes that allow legal tax avoidance by big businesses.
They also pledged to help developing nations tackle tax evasion by helping them track funds in tax havens. More than 50 countries have signed up to an international convention to facilitate exchange of information on tax issues.
But many developing countries have not signed up, and G20 countries have agreed to share expertise on tracking funds to encourage them on board.
The activities of big businesses that legally avoid large tax bills by moving profits from country to country are also targeted.
The communiqué 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”.
G20 also said that the global economy was improving but it was too early to declare an end to crisis with emerging markets facing increasing volatility. Leaders of the G20 acknowledged the troubles faced by some emerging nations but said it was up to them, first and foremost, to put their own houses in order.
The prospect that the Federal Reserve may rein in its expansive monetary policies as soon as this month has plunged into turmoil some emerging economies that had enjoyed rapid growth thanks in part to a flood of cheap dollars.
Emerging and developed G20 powers in St. Petersburg struggled to find common ground over the turbulence unleashed by the prospect of the United States reducing its money printing.
A communiqué issued at the end of the two-day summit stuck closely to the statement issued by finance ministers in July, demanding changes to monetary policy must be “carefully calibrated and clearly communicated.”
The G20, which united in response to global crisis in 2009, now faces a multi-speed recovery with the US economy pushing ahead, Europe maybe finding a floor but developing economies facing blowback from the looming 'taper' by the Fed.
“Medium-term fiscal strategies ... will be implemented flexibly to take into account near-term economic conditions, so as to support economic growth and job creation, while putting debt as a share of GDP on a sustainable path,” the communiqué said.
New elements referred to a growth initiative proposed by Australia, which assumes the G20 chair next year, a proposal to tighten regulation of so-called 'shadow banking' and extending a deadline on reining in trade protectionism.
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Read all commentsG20 World Affairs Reality Check by 'Brit-type' John Cleese:
Sep 08th, 2013 - 01:06 am 0“ALERTS TO THREATS
IN 2013 EUROPE
From JOHN CLEESE
...
The English are feeling the pinch in relation to recent events in Syria and have therefore raised their security level from ”Miffed“ to ”Peeved.“ Soon, though, security levels may be raised yet again to ”Irritated“ or even ”A Bit Cross.“ The English have not been ”A Bit Cross“ since the blitz in 1940 when tea supplies nearly ran out. Terrorists have been re-categorized from ”Tiresome“ to ”A Bloody Nuisance.“ The last time the British issued a ”Bloody Nuisance“ warning level was in 1588, when threatened by the Spanish Armada.
The Scots have raised their threat level from ”Pissed Off“ to ”Let's get the Bastards.“ They don't have any other levels. This is the reason they have been used on the front line of the British army for the last 300 years.
The French government announced yesterday that it has raised its terror alert level from ”Run“ to ”Hide.“ The only two higher levels in France are ”Collaborate“ and ”Surrender.“ The rise was precipitated by a recent fire that destroyed France 's white flag factory, effectively paralyzing the country's military capability.
Italy has increased the alert level from ”Shout Loudly and Excitedly“ to ”Elaborate Military Posturing.“ Two more levels remain: ”Ineffective Combat Operations“ and ”Change Sides.“
The Germans have increased their alert state from ”Disdainful Arrogance“ to ”Dress in Uniform and Sing Marching Songs.“ They also have two higher levels: ”Invade a Neighbour“ and ”Lose.“
Belgians, on the other hand, are all on holiday as usual; the only threat they are worried about is NATO pulling out of Brussels ..
The Spanish are all excited to see their new submarines ready to deploy. These beautifully designed subs have glass bottoms so the new Spanish navy can get a really good look at the old Spanish navy.
Australia, meanwhile, has raised its security level from ”No worries“ to ”She'll be right, Mate.”
PMSL
Sep 08th, 2013 - 07:09 am 0Continued,
Sep 08th, 2013 - 12:17 pm 0“Australia, meanwhile, has raised its security level from ”No worries“ to ”She'll be right, Mate.“ Two more escalation levels remain: ”Crikey! I think we'll need to cancel the barbie this weekend!“ and ”The barbie is cancelled.“ So far no situation has ever warranted use of the last final escalation level.
Regards,
John Cleese ,
British writer, actor and tall person”
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