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Published: Saturday 31 August, 2013

longchamps tote bag longchamps tote bag G8 deal rewrites rules on tax

An agreement sealed by leaders of the G8 nations meeting in Northern Ireland can rewrite the rules on tax and transparency to benefit countries across the world, David Cameron said.

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.

Speaking at a press conference in the resort, he said: We agreed a Lough Erne declaration that has the potential to rewrite the rules on tax and transparency for the benefit of countries right across the world, including the poorest countries in the world. We have commissioned a new international mechanism that will identify where multinational companies are earning their profits and paying their taxes so we can track and expose those who arent paying their fair share. He said the new tool would help ensure proper tax justice in our world.

But the 10point document, released after two days of talks at Lough Erne, falls short of the demands of antipoverty campaigners, who want the developing world included in the new arrangements from the start and have called for tax information to be made available to all on public registers.

The declaration says only that developing countries should have the information and capacity to collect the taxes owed them, rather than guaranteeing them automatic access to the information. And it says only that tax collectors and law enforcers should have access longchamps tote bag to information about the ultimate owners of companies, leaving it to individual G8 countries to decide whether to make the information public. The White House said it would leave the decision to individual US states, while Chancellor George Osborne said the UK was open to the idea of public registers and is consulting on the issue.

The Prime Minister said jobs, growth, mending our broken economy was the issue that mattered most to people. We agreed a strategy for growth, a strategy for Britains hardworking families. This must be based on dealing with our debts, unlocking the finance that businesses and families need, and increasing our competitiveness so that young people can get into work and succeed in the global race, he said. The EU and US have announced the start of negotiations on a major bilateral trade deal, which Mr Cameron said was about jobs and low prices in our shops.

Mr Cameron said the new commitments to transparency on company ownership would help ensure people cant avoid taxes by using complicated and fake structures. The Prime Minister said the declaration made clear that all this action has to help developing countries too by sharing tax information and building their capability to collect taxes. The leaders agreed oil, gas and mining firms should report what they pay t longchamps tote bag o government and administrations should publish what they receive so that natural resources are a blessing and not a curse.

Mr Cameron made it clear when taking up the yearlong rotating presidency of the G8 that he wanted the summit to produce a simple, easytounderstand summary of positions agreed at the summit. Condensed on to one side of A4, the Lough Erne document starts with the declaration: Private enterprise drives growth, reduces poverty and creates jobs and prosperity for people around the world. Governments have a special responsibility to make proper rules and promote good governan longchamps tote bag ce. Fair taxes, increased transparency and open trade are vital drivers of this.

Japans prime minister Shinzo Abe said his top priority was his countrys economic revitalisation as Northern Irelands First and Deputy First Ministers accepted his invitation to visit East Asia. He met Japanese businessmen working in Northern Ireland his countrys companies employ more than 2,000 in the region after touring the Titanic Belfast visitors attraction. longchamps tote bag