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Top ten list of things that 'should' happen

G8 sign Lough Erne Declaration

by

Andy Carling

18/06/2013 - 4:42pm

It's too early to tell how successful the G8 Summit has been, but leaders agreed a ten point action plan. The leaders pledge "We will make a real difference" by fulfilling the plan.

It concentrates on tax collection as leaders wish to make some of the largest companies pay tax and crack down on tax havens.

With the beginning of the EU - US trade talks, the declaration says governments shoud "agree new trade deals that boost jobs and growth worldwide."

Tax campaigner Richard Murphey said the document was "all vague commitment" and no details. He added that the G8 had agreed tax abuse was globally important "and that they can't agree what to do about it."

The Lough Erne 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 governance. Fair taxes, increased transparency and open trade are vital drivers of this. We will make a real difference by doing the following:

1. Tax authorities across the world should automatically share information to fight the scourge of tax evasion.
2. Countries should change rules that let companies shift their profits across borders to avoid taxes, and multinationals should report to tax authorities what tax they pay where.
3. Companies should know who really owns them and tax collectors and law enforcers should be able to obtain this information easily.
4. Developing countries should have the information and capacity to collect the taxes owed them – and other countries have a duty to help them.
5. Extractive companies should report payments to all governments - and governments should publish income from such companies.
6. Minerals should be sourced legitimately, not plundered from conflict zones.
7. Land transactions should be transparent, respecting the property rights of local communities.
8. Governments should roll back protectionism and agree new trade deals that boost jobs and growth worldwide.
9. Governments should cut wasteful bureaucracy at borders and make it easier and quicker to move goods between developing countries.
10. Governments should publish information on laws, budgets, spending, national statistics, elections and government contracts in a way that is easy to read and re-use, so that citizens can hold them to account.   europe on line