Tags: China | banking | tax | evasion

China to Join Global Fight Against Tax Evasion: OECD

Wednesday, 21 Aug 2013 10:03 AM

China is set to join a group of 50 developed and developing countries in the fight against tax evasion by signing a cooperation agreement at the end of this month, the OECD said.

The Organisation for Economic Cooperation and Development said that China would sign the Convention on Mutual Administrative Assistance in Tax Matters on Aug. 27.

In doing so, it would participate "in global efforts to combat tax avoidance and evasion by cooperating with other states in the assessment and collection of taxes."

The convention is a framework for the sharing of banking data and ultimately aims to have banks automatically supply information to a country on the accounts of its nationals.

The OECD, based in Paris, groups 34 leading democracies.

China, which is considered by many experts to be heavily affected by tax evasion, has in recent years multiplied its cooperation with the United States on the issue of tackling tax havens but has until now demonstrated little interest in joining multilateral efforts.

Tax evasion and complex avoidance, and in particular tax optimization by multinational groups, is one of the main themes to be brought up at the Sept. 5-6 G-20 summit in Saint Petersburg.

© AFP 2017

   
1Like our page
2Share
Markets
China is set to join a group of 50 developed and developing countries in the fight against tax evasion by signing a cooperation agreement at the end of this month, the OECD said.
China,banking,tax,evasion
197
2013-03-21
Wednesday, 21 Aug 2013 10:03 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved