The G20 Summit held in St. Petersburg (Russia) in 2013, major progress was made on combatting tax evasion and avoidance. The G20 agreed on the automatic exchange of tax information and the Action Plan on Base Erosion and Profit Shifting (BEPS). This was intended to help create a regulatory policy to oversee the activities of multinational businesses that were engaging in tax avoidance by minimising profits and shifting profits outside the countries where the activities deriving those profits are performed.
