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World tax officials vow to fight tax evasion

CCTV.com

05-13-2016 17:02 BJT

Tax officials from 44 world economies have vowed to cooperate on international tax rules and to jointly fight tax evasion.

The three-day Forum on Tax Administration finished on Friday in Beijing. CCTV interviewed participants about what was discussed at the forum.

Tax evasion is an international conundrum and tax officials from around the world are striving to work closer with each other to prevent certain multinational corporations and wealthy individuals from exploiting tax loopholes.

39 tax officials have also signed a multilateral agreement on country to country reporting, which requires multinational firms with annual revenues of over 750 million euros to submit activity reports through their countries' tax authorities.

Officials promised to work closer on a project that fights base erosion and profit shifting, a negative effect of big corporations' tax avoidance. The officials believe that will create a level playing field that, in the long term, will benefit all countries.

The forum was first held in 2002 and now has 46 member economies. This year was the first time for China to be the host country for the event.

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