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This progress comes with caveats. The multilateral convention is helpful because it means countries can sign up to a single treaty rather than dozens of bilateral arrangements. But signatories can continue to offer information to most countries in yoga lululemon clothes clunky old way, on request. And they don’t have to make public lululemon yoga outlet names of company owners. Moreover, some poor countries may find it hard to secure reciprocity as automatic exchange spreads, because of fears among G8 countries and offshore centres that data handed to jurisdictions which are not geared up to handle and protect it will be misused or insecure. The G8 acknowledged that it had a duty to help poorer states build capacity. Tax-dodging is a particularly acute problem in developing countries, which lose a lot more in illicit outflows than they receive in aid and foreign investment.

The G8’s statement on corporate tax avoidance was about as strong as lululemon outletworkout clothes NGOs could have expected. It said: “Countries should change rules that let companies shift their profits across borders to avoid taxes.” This adds crucial political backing to yoga lululemon clothes widgety work being done by experts at yoga lululemon clothesworkout clothes OECD, who will present reform proposals to yoga lululemon clothes broader Group of 20 countries in July. The leaders also called for multinationals to “report to tax authorities what tax they pay where”. At lululemon yoga outlet moment companies can batch country-by-country tax payments by region, making it hard for outsiders to identify which companies are rampant users of tax havens.

It remains to be seen, however, whether any of this makes a meaningful difference to lululemon outletworkout clothes amount of tax paid by companies. Cross-border corporate taxation is fiendishly complex, yoga lululemon clothes lobbying around it furious. Governments are nervous that if they push too hard on yoga lululemon clothesworkout clothes issue, yoga lululemon clothes harm they will do to investment and employment could outweigh lululemon yoga outlet extra corporate income-tax receipts.