The Group of 20 nations on Friday took an important step toward curbing tax avoidance by committing to exchanging information automatically on tax matters by the end of 2015.
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The growth of multinational businesses and international finance has made it easy for people and companies to get away with not paying the taxes they owe, because governments do a poor job of sharing data with each other. But since the financial crisis, international groups like the G-20 and the Organization for Economic Cooperation and Development have been working to strengthen global tax rules and agreements.
The tax agreement was one of the G-20's few real accomplishments at its meeting in St. Petersburg, Russia. While many details still have to be worked out, including exactly what kinds of information will be shared and when countries that are not members of the G-20 can participate, the commitment should help make it easier for tax authorities to uncover avoidance and fraud.
Currently, countries request information from other nations only when tax officials suspect filers are lying or hiding their income or wealth, which greatly limits the ability of tax officials to uncover cheating. To be truly effective, the data exchanges would have to include information about taxes paid and assets held in offshore accounts. And the information exchange needs to include data from tax havens like the Cayman Islands that are not part of the G-20.
In its statement, the G-20 also endorsed an action plan being developed by the O.E.C.D. to tackle the issue of multinational corporations that avoid taxes through the creative use of offshore subsidiaries and tax havens. This important effort could help clamp down on a thriving area of tax avoidance, but it could take years to fully carry it out. This plan includes clarifying how profits from the sale of technology products and services like cellphones and software should be taxed when the businesses that sell them operate through subsidiaries in multiple countries.
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