Osborne: G7 agree to target tax evasion and avoidanc

From: http://www.bbc.co.uk/news/business-22476233

The G7 group of industrialised nations have agreed that there must be collective action against tax evasion and avoidance, the UK's finance minister has said.

Chancellor George Osborne said after the talks that it was "incredibly important" that firms and individuals paid the tax they owed.

The members agreed on more policy issues than had been assumed, he added.

The G7 comprises the US, Germany, the UK, Japan, Italy, France and Canada.

In a news conference held jointly with Bank of England governor Sir Mervyn King, Mr Osborne said the finance ministers and central bank governors of the G7, meeting in Aylesbury, Buckinghamshire, had also agreed no bank should be "too big to fail".

G20 leaders call for clampdown on multinational tax avoidance

It's about time that the major nations got on top of the so-far all-powerful multinational corporations who seem to behave as if they do not owe taxes to anyone and can pay as much (or as little) as they feel like.  Hopefully, these days will be ending and the world will be better for it.


From - The Times - http://www.thetimes.co.uk/tto/money/tax/article3591278.ece

George Osborne has recruited the world’s largest economies in a drive for tighter global rules to prevent multinational companies avoiding tax.

Finance ministers from the G20 countries called last night for proposals on how to stop big corporations shifting their profits around the world to minimise their tax bills.

They have asked the OECD to accelerate plans to strengthen tax standards and to report in February. The call came after Mr Osborne and his German counterpart, Wolfgang Schäuble, used the G20 summit in Mexico to call for tougher international tax standards and:

• A Tory MP used parliamentary privilege to reveal that Google, Amazon, Starbucks and Pfizer pay between 0 and 2.5 per cent tax in the UK;

• It emerged that more than 1,000 tax evaders who hid millions of pounds in Swiss bank accounts struck deals with Revenue & Customs to avoid prosecution and to stay anonymous;

• MPs accused the Revenue of failing to target multinationals while harassing ordinary taxpayers for small amounts.

The G20 intervention also comes amid mounting anger at the comparatively low rates of tax paid to the Treasury by US multinationals.

Turning Point?

From New Scientist - http://www.newscientist.com/article/dn21886-peak-planet-are-we-starting-to-consume-less.html 


"Some say humanity's ever-rising environmental impact is about to go into reverse. Fact or just fantasy?

HUMANITY is doomed. Or it was in 1798, when English scholar Robert Malthus published his influential An Essay on the Principle of Population. Malthus predicted that unchecked growth in human numbers would condemn our species to a "perpetual struggle for room and food" and an unbreakable cycle of squalor, famine and disease. Nearly two centuries later, biologistPaul Ehrlich was no less pessimistic. We had exceeded the planet's "carrying capacity", he declared in his 1968 bestseller The Population Bomb. "The battle to feed humanity is over. Sometime between 1970 and 1985, the world will undergo vast famines. Hundreds of millions of people are going to starve to death."

In 2012, our mood has hardly improved. The focus has shifted from how to feed ourselves to our rapacious appetite for energy and raw materials, and the greenhouse gases we pump into the atmosphere to satisfy it. Sooner or later, the argument goes, we must send our planet's climate and ourselves past the point of no return - if we haven't done so already.

Might these reports of our imminent demise also be exaggerated? That is the reasoning of those who see a pattern in recent statistics from the industrialised world. People in the US are driving less. Europeans are using less energy. Water use is down in countries such as the US and UK; so is calorie consumption in the UK.

The talk is of "peak stuff": that beyond a certain level of economic development, people simply stop consuming so much. Technology and the course of economic evolution allow prosperity to keep rising without a linked increase in our use of energy and materials. Our demands on planetary resources stabilise - and ultimately begin to fall.

Others are unconvinced, seeing in peak stuff a dangerous myth and a thinly veiled excuse to abandon efforts to limit our planetary impact. Without large-scale intervention to curb our excesses now, they argue, peak stuff, if it exists, will be too little, too late. So who is right? Is humanity really about to lose its appetite for stuff - and if so, will it help?

Predictions such as those of Malthus and Ehrlich fell down on a simple point: they failed to see what came next. Malthus missed the industrial revolution and its ways of mass production, which ultimately allowed more people to live longer and more comfortably. Ehrlich failed to factor in the "green revolution", the widespread use of more productive crop strains and chemical fertilisers and pesticides that has kept food production ahead of the population curve since the 1960s. Perhaps we are missing a similar trend now.

Although Ehrlich arrived at the wrong conclusion, his analysis provides a useful framework for assessing arguments about peak stuff. Ehrlich described our planetary footprint as the product of three factors: how many of us there are, how much each of us consumes and how we produce what we consume - that is, the prevailing technology.

 ... 

Will we grasp the nettle? The Danish agricultural economist Ester Boserup argued that throughout history, population growth and the pressure of shortages have been necessary spurs to technological developments, which seem to arrive just in time to avert the sort of disasters that exercised the likes of Malthus and Ehrlich. The signs are that we already have the know-how to live long and prosper without demanding ever more from a finite planet. The question is whether we will make the decisions to realise that promise before "just in time" becomes "just too late"."