"George Osborne has warned that companies which dodge tax will face the full force of the law, as he pledged to implement new rules designed to close international loopholes and end tax havens.
The Chancellor hailed the "historic" agreement, which aims to stop aggressive avoidance schemes by preventing companies from shifting profits into tax havens, on Friday alongside finance ministers and policy makers from the world's 20 richest economies.
"No one should be in any doubt that we will take new steps at future fiscal events to introduce these new international rules to our own domestic tax laws. These taxes must be paid," Mr Osborne said on the sidelines of the International Monetary Fund (IMF) annual meeting in Lima, Peru. This suggests that Britain could implement the new rules as soon as November 25, at the time of the Autumn Statement.
The recommendations by the Organisation for Economic Co-operation and Development (OECD) follow an initiative by the Chancellor and Wolfgang Schaeuble, Germany's finance minister, in 2013 to address "base erosion and profit shifting" (BEPS). It also follows fierce criticism of the tactics employed by large multi-nationals such as Starbucks to minimise tax bills. "
Source: Taxes must be paid, says George Osborne, as he backs crackdown on havens - Telegraph
