IMF, World Bank, UN, OECD form new group to stop Tax Erosion
Posted on:21 Apr 2017 16:54:54
21 April 2017 Current Affairs GK:
The International Monetary Fund and the World Bank joined forces with other international organizations to cooperate on tax issues and develop new tools and standards for taxing multinational enterprises.
The new group, which will also include the United Nations and the Organization for Economic Cooperation and Development (OECD), will especially focus on building effective tax systems in developing countries and avoid tax base erosion, the partners .
The effort was announced just weeks after the release of the so-called "Panama Papers" stirred outrage at the widespread use of tax haven countries and shell companies by wealthy global elites and corporations to hide assets and avoid paying taxes.
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