G20 countries endorse plan to stop corporate tax evasion

The world’s top 20 economies on Friday agreed to fix the taxation loopholes with multinational companies by supporting the Base Erosion and Profit Shifting plan. This plan will see the 20 economies close numerous loopholes, within international and national taxation plans, which allow international companies, such as Google and Starbucks, to avoid paying 100 billion to 240 billion U.S. dollars in taxes a year.The agreement was made by G20 finance ministers during the annual World Bank Group and International Monetary Fund conference in Lima of Peru.

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