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G20 backs plan to stop global tax avoidance and evasion

20 July 2013 Last updated at 16:09 BST

Finance ministers from the G20 group of leading nations have formally backed plans to tackle international tax avoidance and evasion.

A statement issued earlier supports automatic exchange of tax information between countries.

It also backs plans by the Organisation for Economic Cooperation and Development to stop firms moving their profits across borders to avoid taxes.

Christine Lagarde, the head of the International Monetary Fund, said the agreement was a positive step for all of the G20 countries.

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