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Tax evasion top G20 Summit focus-Russia
June 11, 2013, 4:42 am

Combating tax evasion is one of the three main themes of the G8 talks as well. (Getty Images)

Combating tax evasion is one of the three main themes of the G8 talks next week as well [Getty Images]

The exchange of information between tax agencies and the fight against tax evasion via offshore shell companies may be key topics at the G20 summit in St Petersburg in September, Russia’s sherpa to the Group of 20 major economies said Monday.

“The discussion of taxes has been substantially expanding as of late,” Ksenia Yudayeva, who heads the Russian presidential expert department, said at a press conference dedicated to the results of the first six months of Russia’s G20 presidency this year.

“By the time of the G20 summit, [taxes are] likely to become one of the central issues,” she said.

The G20 comprises 19 individual countries plus the European Union. Overall, the group accounts for nearly 90 per cent of the world’s GDP and 80 per cent of global trade.

British prime minister David Cameron has made tax compliance and combating tax evasion one of the three main themes of the G8 talks on June 17-18 in Northern Ireland.

Russia chairs the G20 this year and will host a summit of the group’s leaders in St Petersburg in September.

Russia’s deputy finance minister said on Monday that the G20 will debate on how to withdraw fiscal stimulus.

“Now the question is in the pace of (state) support measures withdrawal. In many countries it can’t be viewed separately from spill-over effects, from implications for markets and particular economies,” Sergei Storchak told reporters.

 Fears that the US could gradually exit its quantitative easing strategy has put emerging markets under pressure recently.
Source: Agencies

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