Russia: G20 agrees on plan to tax multinationals

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Associated Press

Posted on September 5, 2013 at 1:00 PM

Updated Thursday, Sep 5 at 1:03 PM

ST. PETERSBURG, Russia (AP) — Russia's finance minister says that G-20 leaders have agreed on a plan to take on multinational companies who tuck away their profits in offshore jurisdictions.

Speaking to reporters after Thursday's first Group of 20 session, Anton Siluanov said that leaders of the world's 20 largest economies are indignant over the policies of cross-border giants like Google and Amazon, who "make money in one country" but pay lower taxes elsewhere.

The G-20 leaders agreed on a plan that would prevent these companies from using loopholes and tax havens, Siluanov said. He did not elaborate.

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