Government officials form the leading economies of the world will call for stricter rules for regulation of taxes in the global economy.

Economic officials are expected to agree to stricter global tax laws and even discuss steps taken by countries to protect selective industries by tax breaks. A 40-page work plan has been prepared and is expected to be endorsed by the G20 in Moscow. The new plan would help in shaping the new international tax system in order to facilitate fair operations by global companies.

It is believed that the discussions will follow for about two years as the nations will look to alter their tax laws and treaties. However, the matter would face stiff opposition due to the politically sensitive nature of the changes. The general recommendations developed by the Organization for Economic Cooperation and Development (OECD) charts out the need for clear tax laws for today’s digital economy.

Officials have indicated that the plan in s god step towards capturing the income that is now lost in the global inconsistent taxation system. OECD officials said that the plan will allow the leading economies to close the loopholes in the global taxation system.