OECD: Tax evasion should be targeted

<p>The OECD has called for tax evasion to be targeted.</p>

The Organisation for Economic Co-operation and Development (OECD) has issued a new report that calls for countries around the world to focus on tax evasion.

In a document commissioned for this week's G8 summit in Lough Erne, Northern Ireland, the body said tax data ought to be automatically shared by nations to tackle the evasion issue.

"Vast amounts of money are kept offshore and go untaxed," it was pointed out by the organisation, which also noted "it is becoming easier for all taxpayers to make, hold and manage investments through foreign financial institutions".

The OECD did state in its report that the UK, France, Germany, Italy, Spain and the US already use an embryonic system of information exchange regarding tax.

But it called for the creation of new laws and the global standardisation of national tax authorities' reporting and IT systems to take on the problem of tax evasion head on.

World leaders including Francois Hollande and Barack Obama are currently in Northern Ireland to discuss issues such as the global economy and the conflict in Syria.

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