ENNISKILLEN, Northern Ireland World leaders at the G-8 summit have declared that governments must work together to close loopholes that allow multinational companies to avoid paying taxes in their home countries.
In a joint statement at the conclusion of a two-day summit, leaders of eight of the world's wealthiest countries say tax authorities should automatically share information "to fight the scourge of tax evasion" and make it harder for companies to "shift their profits across borders to avoid taxes."
As part of the G-8's plans, which will be developed at a G-20 summit later this year, multinationals would be obliged to declare how much tax they pay in each country where they operate.
The G-8 initiative announced Tuesday reflects widespread anger over the ability of foreign companies to funnel profits to tax-friendly countries.
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