Multinationals face OECD pressure over their tax evasion and avoidance

Multinationals that use countries’ tax regimes to avoid or minimise the amount of tax they pay face renewed pressure after the OECD presented its report on the steps needed to clamp down on tax evasion and avoidance.

The issue has shot to the top of the political agenda after Britain raised the matter, which was centre stage in the US last month over the use of countries, such as Ireland, by multinationals, such as Apple and Google, to slash their tax bills.

While the EU and the US are moving ahead with a raft of measures to prevent wealthy individuals using trusts and tax havens to evade tax and against companies taking advantage of loopholes in national tax regimes, many countries are insisting that the measures must be global.