News Summary: G-20 wants taxes from multinationals

News Summary: Finance chiefs want to close loopholes, force multinationals to pay more taxes

Associated Press
News Summary: G-20 wants taxes from multinationals
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Russian Finance Minister Anton Siluanov, centre, attends a meeting of the Group of 20 finance ministers in Moscow, Russia, Friday, July 19, 2013. Stashing profits offshore may soon get tougher for companies, thanks to an ambitious plan released Friday by the finance chiefs of leading world economies aimed at forcing multinationals to pay more taxes. (AP Photo/Alexander Zemlianichenko)

TAX HUNT: The finance chiefs of the world's leading economies hope to force multinational companies to pay more taxes by closing loopholes that have allowed them to stash profits overseas.

THE ISSUE: Low tax payments by major global companies — including Google, Amazon, Facebook and Starbucks — have sparked anger in Europe recently, as governments are struggling with high debts, low growth and austerity measures that are hitting ordinary taxpayers.

THE PLAN: The 15-point plan disclosed Friday would allow countries to tax profits held in offshore subsidiaries. If it is adopted, the measures would be implemented over the next two years and target such practices as deducting the same expense more than once, in more than one country.

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