Australia, Britain to take on firms avoiding taxes

Australia is to work together with Britain to pursue multinational firms shifting profits offshore to avoid paying taxes, going "further and faster" than OECD plans, Treasurer Joe Hockey said Sunday.

Hockey, who was in the United States for the G20 meeting of finance ministers and central bankers, said the two nations announced a joint working group during the multilateral forum in Washington on April 16-17 that would build on London's so-called "Google tax" on companies that divert profits overseas.

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The new initiative came amid increased efforts by governments around the world, including Australia, to crack down on global firms that use complex corporate structures to lower their tax bills.