OCED: G20 ministers endorse crackdown on corporate tax avoidance

Finance ministers from the world's leading economies gave the green light Friday to a new plan to crack down on tax evasion by multi-national corporations, which costs countries at least $100 billion a year.

The so-called Base Erosion and Profit Shifting (BEPS) plan, which seeks to close the loopholes multi-nationals use to avoid taxes, was adopted by finance ministers from the G20 group of leading industrialized and emerging economies, said the Organisation for Economic Cooperation and Development, which drafted the plan.

G20 leaders must now give final approval at a summit in November.