EU ministers agreed Tuesday that national authorities would automatically exchange information on tax deals with multinationals, but critics said failing to make them public means the tax avoidance practices that led to the LuxLeaks scandal would continue.
The new measure passed despite resistance and comes as European competition authorities investigate the tax affairs of Apple in Ireland and Starbucks in the Netherlands.
“We have a political deal,” said Pierre Gramegna, finance minister for Luxembourg, which holds the rotating presidency of the European Union.
“Europe is showing the way, is a pioneer and is sending a strong signal to the world in tax matters,” he told a news briefing.
Under the plan, the bloc’s 28 countries would share information about the deals agreed with some of the world’s biggest multinationals so as to help rein in tax avoidance in Europe.
The deals however would still remain out of the public eye, with the exchange of information strictly limited to tax authorities.
“We chose not to have a public transparency but to have exchange between administrations and this will be respected,” said the EU’s top economics affairs official, Commissioner Pierre Moscovici.
Full content: The Financial Times
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Judge Mehta Questions Both Sides in Landmark Google Antitrust Case
May 2, 2024 by
CPI
FCC Urges Urgent Funding for Removal of Chinese Telecom Equipment from U.S. Networks
May 2, 2024 by
CPI
Former Pioneer CEO Facing Potential Criminal Charges For Colluding With OPEC
May 2, 2024 by
CPI
South Korea’s Antitrust Regulator Greenlights K-Pop Powerhouse Deal
May 2, 2024 by
CPI
Exxon’s Pioneer Purchase Approved, Former CEO Barred from Board
May 2, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI