G20 backs crackdown on multinationals’ use of tax havens

Finance chiefs endorse landmark move to prevent profits being shifted to low-tax countries

Finance chiefs of the G20 economies have endorsed a landmark move to stop multinationals shifting profits to tax havens and will also warn that Covid variants threaten the global economic recovery.

At talks on Saturday, they also acknowledged the need to ensure fair access to vaccines in poorer countries. But a draft communique to be rubber-stamped at the meeting in Venice did not contain specific proposals on how to achieve that.