The UK, France and Germany scrape the bottom of the petty cash tin to tackle tax avoidance

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TJN blogged this yesterday. It's too important not to share.

TJN's Senior Adviser Sol Picciotto and writer Nicholas Shaxson mentioned this in their Financial Times comment article last week:

George Osborne, the UK chancellor of the exchequer, and his German counterpart Wolfgang Schäuble have said they will engage with the OECD to tackle the problems in international tax.

How serious is this? Well, thanks to The Telegraph, we have more details:

"George Osborne, Wolfgang Schaeuble, the German finance minister, and Pierre Moscovici, the French finance minister, have written to the Organisation for Economic Co-operation & Development (OECD) with a pledge to provide €150,000 (£120,000) each to help stamp out “profit shifting” and ensure major companies pay their fair share of tax."

£360,000 to solve this gigantic, corrupting faultline in global capitalism. That should do it!

Hat tip: Nick Mathiason