G8 leaders have agreed to step up their fight against tax evasion and corporate tax dodging with a Lough Erne Declaration agreed at their summit in Northern Ireland, dpa reported. "Tax authorities across the world should automatically share information to fight the scourge of tax evasion," the declaration states. In addition, "countries should change rules that let companies shift their profits across borders to avoid taxes, and multinationals should report to tax authorities what tax they pay where." The declaration also addresses so-called shell companies and deliberately obscure corporate ownership, which currently hinder tax collection and law enforcement. "Companies should know who really owns them and tax collectors and law enforcers should be able to obtain this information easily."
