September 8, 2013 12:26:34 AM
ST. PETERSBURG, Russia -- Leaders of the world's 20 largest economies have committed to crack down on cross-border companies that use tax havens.
In a communique, the G-20 leaders said they were committed to an action plan to address "base erosion."
Low tax payments by major global companies such as Google or Amazon have sparked public anger in Europe.
The G-20 will be commissioning recommendations to set up a system so that profits would be taxed "where economic activities deriving the profits are performed and where value is created."
The leaders also agreed on a plan to share information on individual taxpayers.
The group said they expect to begin exchange information automatically on tax matters among G20 members by the end of 2015.
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