G20 endorses crackdown on corporate tax evasion

LIMA: Finance ministers from the world’s leading economies gave the green light on Friday to a new plan to crack down on tax evasion by multi-national corporations which costs countries at least $100 billion a year. The so-called Base Erosion and Profit Shifting (BEPS) plan, which seeks to close the loopholes multi-nationals use to avoid taxes, was adopted by finance ministers from the G20 group of leading industrialised and emerging economies at a meeting in Lima, Peru. G20 leaders must now give final approval at a summit in...