G20 governments sign agreement to combat cross-border tax evasion

PanARMENIAN.Net - Governments from the Group of 20 major rich and emerging economies have signed an agreement to work together to combat cross-border tax evasion.

The G20 governments on Friday, November 4, marked the formal approval of the agreement whose supporters say it might help to raise tens of billions of dollars for cash-strapped governments.

Under the agreement, the governments pledged to share information and cooperate in audits to help prevent companies and wealthy individuals from evading tax.

Governments that have signed it include the United States, China, Russia, Germany, Japan and India.

The agreement was written by the Organization for Economic Cooperation and Development, The Associated Press reported.