Google, Apple and more - they're coming after your tax!
While Google have sneakily dropped their 'don't be evil' motto, they're finding that people are coming after their tax, along with other companies like Starbucks and Apple.
Basically, big-ass businesses have been enjoying a variety of loopholes so they can sidestep billions in tax, but that could well be a thing of the past, thanks to a worldwide clampdown. World trade body the Organisation for Economic Co-operation and Development (OECD) announced that they are looking at getting back some of the £160billion they reckon they've lost to tax avoidance by multinational companies.
The OECD say that this 'seismic shift' in international tax rules is going to force the hand of these massive companies, where they'll have to cough-up the money that is due, as they ban 'brass plate' operations in low-tax territories and outlaw dicky loans between companies.
"This is coming to an end," said OECD head of tax Pascal Saint-Amans, aiming to help "local companies that cannot benefit from loopholes in the international system". Finance ministers from around the world are going to meet up, to look over the plans. Over 60 countries have already agreed to them.
Saint-Amans added that many tax laws date back to the 1930s and are "not fit for purpose", which has led to "more and more aggressive planning from companies", which will have "a major behavioural impact" on large firms.
Next week: Huge businesses find a different way of not paying taxes.