Cameron leads way on G8 tax avoidance deal

LEADERS of the G8 nations yesterday signed a commitment to tax transparency, pledging to fight to money laundering and tax evasion.

The Loch Erne declaration commits the countries to ten simple aims, including the automatic sharing of tax information between nations and increased transparency as to who owns shell companies and special entities that can be used for tax evasion.

“We’ve commissioned a new international mechanism that will identify where multinational companies are earning their profits and paying their taxes so we can track and expose those who aren't paying their fair share,” said David Cameron.

However the declaration lacked specific details and there was no G8-wide commitment to creating a list of the true owners of all shell companies. The UK independently announced it would produce such a register of its own to increase transparency.

The Prime Minister, who hosted the annual summit in Northern Ireland, had made trade deals and tax transparency the main focus of the event. On Monday he announced that talks on an EU-US trade deal, the largest in history, would begin next month.

But there was no progress on convincing Russia to withdraw support for Syria’s embattled President Bashar al-Assad.