World finance chiefs threaten to close loopholes and force multinationals to pay more taxes (Alexander Zemlianichenko/ Associated Press ) – World finance chiefs attend a meeting of the Group of 20 finance ministers in Moscow, Russia, Friday, July 19, 2013. Stashing profits offshore may soon get tougher for companies, thanks to an ambitious plan released Friday by the finance chiefs of leading world economies aimed at forcing multinationals to pay more taxes. CAPTION By Associated Press, PARIS Stashing profits offshore may soon get tougher for companies, thanks to an ambitious plan released Friday by the finance chiefs of leading world economies aimed at forcing multinationals to pay more taxes. Low tax payments by major global companies including Google, Amazon, Facebook and Starbucks have sparked public anger in Europe recently, as governments are struggling with high debts, low growth and austerity measures that are hitting ordinary taxpayers. Anne Gearan and William Booth The secretary of state scheduled a last-minute trip to see the Palestinian president in Ramallah.
Lew on Housing Finance, Economy, Budget, Regulation
Treasury Secretary Jacob J. Lew talks about this weekend’s meeting of Group of 20 finance ministers and central bankers in Moscow, the U.S. economy and housing finance. Lew also discusses financial regulation and the debt limit.
Pope creates new commission of inquiry for finance
The plan was designed by the Organization for Economic Cooperation and Development and introduced at a meeting of the Group of 20 finance ministers in Moscow on Friday. The Paris-based OECD says that “national tax laws have not kept pace with the globalization of corporations and the digital economy, leaving gaps that can be exploited by multinational corporations to artificially reduce their taxes.” The new 15-point plan includes ways to close loopholes, for example that allow companies to stash profits from in offshore subsidiaries. Low tax payments by major multinationals have sparked public anger in Europe recently, especially as governments are struggling with high debts and low growth.
G20 finance chiefs launch plan to get multinationals to pay more taxes
Peter’s Square for his inauguration Mass at the Vatican. The Vatican said Wednesday, July 17, 2013 that Pope Francis is forgoing the bulletproof popemobile for his upcoming trip to Brazil and that he will use the same open-topped car he uses for zooming around St. Peter’s Square, further evidence that he has no qualms about tweaking the Vatican’s security operations for the sake of getting closer to the faithful. Photo: Angelo Carconi FILE – In this Tuesday, March 19, 2013 file photo, Pope Francis is…