Thursday, September 5, 2013
The White House today released a joint statement in support of the OECD's global crackdown on tax avoidance by multinational companies prior to the kick-off of the two-day G-20 summit in St. Petersburg, Russia:
We agree that the fight against tax avoidance and evasion should be a top priority in all relevant international fora. We support the work of the Organization for Economic Cooperation and Development’s on base erosion and profit shifting (BEPS) and automatic exchange of information as the new global standard. The engagement of the G-20 in these issues is important. The misuse of shell companies can be a severe impediment to sustainable economic growth and sound governance. We will make a concerted and collective effort to tackle this issue and improve the transparency of companies and legal arrangements.