UK PM Announces Tax Plan During G8 Meeting

Chancellor George Osborne has announced plans to stop multinationals hiding their profits from the taxman in shadowy offshore “shell” companies.

He pledged to set up a UK register of beneficial ownership – which could be open to the public – to make it clear who was gaining from such arrangements.

The US has also backed the idea, although it is not yet clear if all G8 nations will agree to the plan.

Mr Osborne said more progress had been made in 24 hours than over “24 years”.

Tax, trade and transparency – dubbed “The Three Ts” – were placed at the top of the UK’s agenda for its presidency of the G8, which includes the UK, US, Germany, France, Italy, Russia, Canada and Japan.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza