Latest Business News: OECD Launches Plan to Curb Tax-savings

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Latest Business News: OECD Launches Plan to Curb Tax-savings

Latest Business News: OECD Launches Plan to Curb Tax-savings
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Latest Business News: OECD Launches Plan to Curb Tax-savings

by Wochit 1:03 mins

The Organization for Economic Cooperation and Development announced at the G20 Finance Ministers' Summit in Moscow a plan to limit the impact companies are having on international tax revenues. The 15-point plan, designed to stop corporations from moving profits overseas and saving billions of dollars in profits. GlaxoSmithKline has sent its head of emerging markets and two other top executives to China to lead the drugmaker's response to an unfolding crisis over alleged bribery and corruption. China's central bank announced long-awaited interest rate reforms on Friday, scrapping the previous floor on the rates that banks charge clients for loans. The People's Bank of China also said in a statement on its website that it would remove controls over bill discount rates. It did not remove a cap on deposit rates.

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