IMF, World Bank, U.N., OECD form new group to stop tax erosion

http://www.reuters.com/article/us-imf-g20-tax-idUSKCN0XG1WM?il=0


The International Monetary Fund and the World Bank said on Tuesday they are joining forces with other international organizations to cooperate on tax issues and develop new tools and standards to halt tax base erosion and evasion.


The new grouping, which will also include the United Nations and the Organization for Economic Cooperation and Development (OECD), will focus particularly on building effective tax systems in developing economies, the partners said.


The effort was announced just weeks after the release of the so-called "Panama Papers" stirred outrage at the widespread use of tax haven countries and shell companies by wealthy global elites and corporations to hide assets and avoid paying taxes.