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    :Finance Johnnies have gone to far............... .......

    Courtesy Guardian....

    G20 report warns of global tax chaos

    International tax system cannot deal with mobile multinational firms that shift profits to low-tax

    countries, says OECD thinktank

    The venue for the G20 finance ministers' meeting in Moscow. Photograph: Sergei Karpukhin/Reuters

    Governments risk "global tax chaos" as they chase dwindling revenues from multinational companies

    unless the international tax regime is radically overhauled, according to a report commissioned

    by the G20 group of nations.

    On Friday, the chancellor, George Osborne, will hail a two-year action plan drawn up by the OECD

    thinktank to clamp down on questionable international corporate tax practices.

    The long-awaited report, prepared for a meeting of the G20 finance ministers in Moscow this

    weekend, says a "bold move by policymakers" is necessary to prevent a worsening in the position.

    The OECD calls it "a turning point in the history of international co-operation on tax".

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