Competitive Forex Targeting: G20 vows to refrain from practice

The G20 ministers agreed to take measures to combat corporate tax avoidance.

Afp February 17, 2013

MOSCOW: G20 finance ministers on Saturday pledged to crack down on corporate tax avoidance and not to target specific exchange rate values that could spark a currency war, the final communique said.

“We will refrain from competitive devaluation. We will not target our exchange rates for competitive purposes,” said the communique after the G20 meeting in Moscow.

The G20 finance ministers are hoping to convince markets at their meeting in Moscow they will not slide into so-called ‘economic warfare’ with competitive devaluations of currencies to boost activity.

Earlier, Britain, France and Germany also launched a new drive to help national budgets by making big business pay full taxes and not minimise payments through schemes such as offshore companies.

The G20 ministers agreed to take measures to combat corporate tax avoidance in coordination with the Organisation for Cooperation and Economic Development (OECD).

Published in The Express Tribune, February 17th, 2013.

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