George Osborne said that HMRC will work in conjunction with G20 members to trace people using offshore bank accounts with the intention of evading tax.
Last year, the UK signed up to agreement with France, Spain, Italy and Germany to pool resources, which ensures that those who attempt to evade their financial obligations are found and brought to justice.
Since it’s launch in 2013, a total of 43 countries are co-operating within the scheme; working towards reducing the availability and convenience of offshore hiding places.
Mr Osborne commented: “Last year the prime minister put tax at the heart of the UK’s G8 agenda, leading to ground breaking consensus on the action needed to bring greater transparency and fairness to the global tax system.
“The G20 took up the baton and at this meeting we agreed the next steps in the international fight against tax avoidance and evasion.”
Mr Osbourne also said that these steps will protect those businesses and contractors who are compliant with their financial obligations.
In recent months, a number of global organisations such as Amazon, Starbucks and Google have faced a barrage of criticism for not paying UK tax.
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