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Rules to stop companies using complex tax arrangements to avoid paying corporate tax have been agreed by 31 Organisation for Economic Co-operation and Development (OECD) members. They will make it harder for firms to hide money in tax havens or play one country's tax authority against another. Firms such as Google, Amazon and Facebook must now pay tax in the country where the profits are made.
The move follows public anger at the tax practices of some multinationals. The agreement between 31 nations, including France and the UK, is about sharing information rather than a new law or tax. OECD Secretary-General Angel Gurría said the agreement would have an immediate impact in boosting international co-operation on tax issues, by enhancing the transparency of multinational enterprises' operations.
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