China to share multinational firms' tax information

BEIJING -- China signed an agreement on Thursday with Canada, India, Israel and New Zealand to share tax information of multinational companies to fight international tax avoidance.

International firms with total annual revenue over 750 million euros ($855 million) should submit tax information to their location countries' taxation departments for inter-government sharing, according to the agreement, which has been signed by 39 countries.

The agreement honors the commitment made by G20 leaders on Base Erosion and Profit Shifting, a program to fight global tax avoidance and one of fruits of the ongoing Tenth Meeting of the OECD Forum on Tax Administration (FTA) in Beijing.

This is the first time China has hosted FTA, the world's most important meeting on tax administration. The meeting is one of a series of events related to the September G20 Hangzhou summit.