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 SchÃ¤uble 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 â‚¬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