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China signs pact aimed at fighting multinational tax avoidance

Published 2016-05-13, 05:33 a/m
© Reuters. China signs pact aimed at fighting multinational tax avoidance

BEIJING, May 13 (Reuters) - China said it has signed a
multilateral agreement to share tax information on multinational
companies, paving the way for it to join the fight on global tax
avoidance.
China signed the country-by-country tax reporting agreement,
along with Canada, India, Iceland, Israel and New Zealand,
during a meeting of the OECD Forum on Tax Administration (FTA)
in Beijing this week, bringing the number of countries that have
signed the pact to 39.
Tax authorities will "obtain a more complete understanding
of the way multinational enterprises structure their operations,
while also ensuring that the confidentiality and the appropriate
use of such information is safeguarded", according to a
statement issued on Friday, after the meeting.
The pact was in line with the commitment made by G20 leaders
on Base Erosion and Profit Shifting, a programme to fight global
tax avoidance.
Developed nations are trying to crack down on tax loopholes
that allow multinational companies to shift profits from high
tax countries to more relaxed jurisdictions.

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