The G8 Summit on Tuesday afternoon issued a declaration on taxation and increased transparency is in its final stages in Lough Erne, Northern Ireland.

In the 10-point declaration, G8 leaders said tax authorities across the world should automatically share information to fight the scourge of tax evasion.

Countries should also change rules that let companies shift their profits across borders to avoid taxes, the declaration said.

It added companies should know who really owns them and tax collectors and law enforcers should be able to obtain this information easily.

It also said developing countries should have the information and capacity to collect the taxes owed to them and other countries have a duty to help them.

Global Times