White House Expects Tax Avoidance to Be Key Issue at G-8 Meeting
The White House expects the upcoming Group of 8 summit to make important progress on the issues of illegal tax evasion and legal tax avoidance that allows companies to exploit their country's tax laws to shift their profits to no- or low-tax jurisdictions, a senior administration official told reporters June 14.
The summit will take place June 17-18 in Lough Erne, Northern Ireland. The United States is looking for a “single global standard” based on the Foreign Account Tax Compliance Act for the kind of information exchange that is involved, said Caroline Atkinson, special assistant to the president for international economic affairs.
The administration hopes G-8 leaders will support such a standard, developed by the Organization for Economic Cooperation and Development, Atkinson said. “We believe that's a very powerful tool. We've already seen it having a powerful effect on tax havens and illicit activity using such tax havens,” she said.
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