Global tax authorities agree co-ordinated crack down on avoidance

News Article - 20 September 2006
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Tax authorities from the richest countries around the globe have met to agree measures intended to reduce the level of global tax avoidance.

Tax collectors from more than 30 countries attended the Organisation for Economic Cooperation and Development conference in Korea.

Attendants have now agreed to launch a global study into tax avoidance next year, examining how lawyers, accountants and tax advisors were subverting tax codes.

Members agreed that taxation procedures had failed to keep up with the liberalisation of capital movement in the past 20 years and that a new approach was required.

As well as the study they plan to draw up "a directory of aggressive tax planning schemes so as to identify trends and measures to counter such schemes", reports Accountancy Age.

"While this more open economic environment is good for business and global growth, it can lead to structures which challenge tax rules," said Mark Everson of the US revenue.

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