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G-8 suggests world standards for tax reporting

The Group of Eight or G8 Leadership are leaders of several nations that meet to agree on policies that affect many aspects of finances and business in Boston, the United States and other countries. G-8 leaders have agreed to work toward a new global standard to prevent secrecy in international banking and make tax collection cases easier for prosecutors.

The conference was held at Enniskillen, Northern Ireland. The G-8 leaders adopted standards for disclosure of tax data among authorities. They also agreed to commit to establishment of automatic exchange of information between tax agencies from various companies. Their stated goal is to create a common template for multinational reporting of tax payments on profits made across the world.

These goals have come about as part of an international crackdown on tax evaders. Some businesses and individuals will choose the countries with the very lowest tax structures and attempt to stash money in these locations. The G-8's efforts are designed to cut down on the hiding of income from tax entities in business's countries of origin. With the implementation of universal standards it will become much easier for countries to track tax evaders.

A tax attorney may represent a taxpayer or business person who is experiencing problems with payments of taxes. Those who run businesses must have a good grasp of complex tax codes and sometimes need advice on the best way to either avoid excessive taxes or to answer tax questions. Businesses who have problems with their taxes may face serious consequences, including heavy fines and penalties, so it is important for businesses to have a full understanding of all tax codes and laws.

Source: Bloomberg, "G-8 Commits to Shrinking Bank Secrecy in Anti-Tax-Evasion Push", Tony Czuczka & Rebecca Christie, June 18, 2013

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