The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has published a draft report making recommendations to the Commission on ‘Bringing transparency, coordination and convergence to Corporate Tax policies in the Union’.
The report comes in response to the ‘Luxleaks’ revelations by a consortium of journalists in November 2014, which revealed that many multinational companies concluded secret deals with the Luxembourg authorities that allowed them to reduce their tax liability, in some cases to almost one percent, while creating little or no economic activity in that country. Subsequent public discussions under the newly-formed European Parliament TAXE Committee, showed that these aggressive tax planning practices were by no means limited to Luxembourg, and in fact are rife throughout the EU. For the draft report, see www.bit.ly/1Ospyzy.
The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has published a draft report making recommendations to the Commission on ‘Bringing transparency, coordination and convergence to Corporate Tax policies in the Union’.
The report comes in response to the ‘Luxleaks’ revelations by a consortium of journalists in November 2014, which revealed that many multinational companies concluded secret deals with the Luxembourg authorities that allowed them to reduce their tax liability, in some cases to almost one percent, while creating little or no economic activity in that country. Subsequent public discussions under the newly-formed European Parliament TAXE Committee, showed that these aggressive tax planning practices were by no means limited to Luxembourg, and in fact are rife throughout the EU. For the draft report, see www.bit.ly/1Ospyzy.
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