CHANCELLOR George Osborne has renewed his call for international action to tackle so-called "profit shifting" by multinational companies as he unveils the next steps in his fight to reform global tax rules.

The UK, Germany and France want to reform rules which let firms switch profits and costs between countries. Calls for an overhaul of tax laws, including the transfer rules, will be highlighted at the G20 in Moscow in July by the Organisation for Economic Co-operation and Development (OECD).

The move comes after it emerged that global firms such as Google, Facebook, Amazon and Starbucks all pay minimal tax on large UK revenues.

The Chancellor will announce that Britain will chair a new transfer pricing group which will look at how to reform the system. He said: "Our commitment to the most competitive corporate tax system goes hand in hand with our call for strong international standards to make sure global companies, like anyone else, pay the taxes they owe."