The Trade Union Organisation (TUC) have labelled the Lough Erne tax declaration "so weak it is bordering on irrelevance," and "yet another missed opportunity." Frances O'Grady, general secretary of the TUC said:
For all the prime minister’s welcome pre-summit rhetoric, the G8 declaration fails to deliver what’s needed to tackle tax avoidance, and even falls short of the expectations he’s set.
While some progress has been made on automatic information exchange, the agreement on reporting profits to tax authorities is so weak it is bordering on irrelevance.
Despite the high profile pre-summit lobbying, the British crown dependencies appear to have outmanoeuvred the G8 nations and got tax havens out of the agreement altogether.
We fear the declaration’s warm platitudes and hazy rhetoric will be far too easy for global companies to skirt around. Yet another opportunity has been missed to finally get to grips with global tax avoidance and evasion.
More top news
A massive fast-moving wildfire in upstate New York has ravaged around 800 acres in forests as officials battle to contain the blaze.
Interpol has issued a global alert over the threat posed by the "diet pills" that claimed the life of a British woman.
Political leaders have launched a last-ditch attempt to win votes as the general election campaign enters its final stages.