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UK's Cameron says tax avoidance on agenda at G-8, warns companies must pay their 'fiair share'

U.K. Prime Minister David Cameron says he will use his country's year-long presidency of the G-8 to target tax-dodging tactics by businesses.

Public anger has been mounting in Britain after lawmakers accused major multinational companies including Starbucks, Google and Amazon of "immorally" avoiding paying tax.

Companies operating in Europe can base themselves in any of the 27 European Union nations, allowing them to take advantage of a particular country's low tax rates.

Cameron said Thursday that "when some cowboys play the system, all businesses suffer." He told an audience at the World Economic Forum in Davos, Switzerland that "business must pay their fair share."

He didn't name any companies but said it was time for businesses to "wake up and smell the coffee" about their tax practices.