“Tax records will be shared around the world by 2015 as part of a G20 pledge to crack down on individual tax cheats and global corporations with complicated arrangements aimed at paying as little tax as possible. As business increasingly moves online and international, cash-strapped governments approved an aggressive timeline to adopt the automatic exchange of tax information among the G20. The deal was solidified after China, the last holdout, agreed to the plan just days before the summit in St. Petersburg. ‘We are committed to automatic exchange of information as the new global standard,’ states the G20 final communiqué.”
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