The international Organization for Economic Cooperation and Development has produced an action plan at the request of the G20 finance ministers to address the problems of base erosion and profit shifting that are depleting corporate tax revenue as multinational companies transfer their profits to low-tax countries.

In introducing the OECD’s Action Plan on Base Erosion and Profit Shifting, the OECD noted Friday that national tax laws have not kept pace with the globalization of corporations and the digital economy, leaving gaps that can be exploited by multinational corporations to artificially reduce their taxes.

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