LIMA, Peru – Finance officials from the world's 20 biggest countries are committing to tougher laws to prevent multinational companies from avoiding as much as $250 billion a year in taxes.
The unanimous agreement was announced Friday in Peru's capital on the sidelines of the annual meeting of the International Monetary Fund. The plan will be presented for approval by heads of state from the Group of 20 nations at a summit next month in Turkey.
Officials at a press conference said the plan will address concerns about whether companies such as Apple and Google are paying their fair amount in taxes.
The new rules would seek to enhance existing tax treaties and align domestic rules affecting cross-border economic activities to prevent companies from so-called "tax shopping" for the most favorable rates.