But Germany led numerous countries in arguing that the regime encouraged artificial shifting of profits to avoid tax elsewhere.
"They have found ways of hiding their profits to avoid paying for the damage they are doing".
In its statement, the group also vowed to "take necessary collective actions" to discourage corporate tax evasion, particularly by preventing companies from shifting profits to avoid tax obligations.
This would mean anyone who wanted to, including the financial press, could see when companies are shifting profits to avoid tax.
Over time, it has become increasingly exploited by multinationals to shift profits to tax havens: in 2012, US multinationals shifted more than a quarter of their profits to avoid tax.
Osborne balanced the tough message by announcing he was going to tackle technology companies such as Apple and Google, which have been accused of going to extraordinary lengths to offshore profits to avoid corporation tax.
In his letter to the Satyam board, Mr. Raju said that a marginal gap in the balance sheet had grown over several years to "unmanageable proportions," and he said he had dressed up the company's profits to avoid a takeover.
When Durov launched the messaging app in fall 2013 he told TechCrunch his intention was for the app to remain non-profit to avoid commercial and legal pressure.
Prosperity had calculated that Surgut, which accounts for 13% of Russia's oil production, was understating profits to avoid paying "substantial" dividends.
