Governments around the world closed in on tax evaders with an automatic data-sharing accord that broadens efforts by the U.S. and the five biggest European Union economies to more than 50 countries and territories.
Finance ministers signed the agreement in Berlin today in a signal of global determination to capture tax revenue, after the U.S. pursued banks such as Credit Suisse Group AG (CSGN) for helping Americans cheat on their taxes and German authorities bought CDs containing stolen bank data.
“Tax evasion is a scourge across the world and can only be tackled with a global solution,” U.K. Chancellor of the Exchequer George Osborne said at a news conference with his counterparts from Germany, France, Italy and Spain. “We expect this will provide tax authorities across the world with the details of billions of pounds of assets held overseas.”
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