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EU mulls new measures to combat tax avoidance

Xinhua, January 29, 2016 Adjust font size:

The European Commission on Thursday proposed new packages to tackle corporate tax avoidance by large companies.

The new proposals include legally-binding measures to block the most common methods used by companies to avoid paying tax and a recommendation to member states on how to prevent tax treaty abuse.

It also contains a proposal for member states to share tax-related information on multinationals operating in the EU. That's to say, national authorities will exchange tax-related information on multinational companies' activities, on a country-by-country basis.

Under the new rules, the large companies will be hard to move money across borders to save on tax.

"This requires coordinated European action, avoiding a situation of 28 different approaches in 28 Member States," European Commission Vice-President Valdis Dombrovskis said.

"Billions of tax euros are lost every year to tax avoidance - money that could be used for public services like schools and hospitals or to boost jobs and growth," Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs said.

The package will be submitted to the European Parliament for consultation and to the Council for adoption. Endit