Corporations

G-8 Summit Focuses on Tax-Dodging

They want more money

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World leaders at the G-8 summit declared Tuesday that governments must work together to close loopholes that allow multinational corporate giants to avoid paying taxes in their home countries.

In a joint statement at the conclusion of a two-day summit, leaders of eight of the world's wealthiest countries said tax authorities should share information "to fight the scourge of tax evasion" and make it harder for companies to "shift their profits across borders to avoid taxes."

But the key word in the document may well be "should" — the partnership made no formal agreement on any specific reforms. The agreed aspirations will be developed at this year's G-20 summit.