Agreement can ‘rewrite the rules’ on tax

An agreement sealed by leaders of the G8 nations can “rewrite the rules” on tax and transparency to benefit countries across the world, according to British prime minister David Cameron.

The Lough Erne Declaration — signed by the UK, US, Germany, France, Italy, Canada, Japan, and Russia — vows to “fight the scourge of tax evasion” by ensuring automatic exchange of tax information and changing the rules to stop multinational companies shifting profits across borders to avoid paying their fair share.

As well as reforms to tax laws, the G8 countries committed themselves to “make a real difference” by: