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EU: New legislation proposed to reveal all on tax deals

By  |  March 18, 2015

EU member states, including Ireland, will be obliged to share details of its tax deals with multinationals, under wide-ranging new legislation unveiled by the European Commission this morning.

The new proposal on automatic exchange of tax rulings represents the EU’s most comprehensive attempt yet to clamp down on corporate tax avoidance at an EU level. It comes in the wake of the “Lux Leaks” scandal and growing public concern that US multinationals are exploiting mismatches between different tax schemes to reduce their tax bills by locating their headquarters in low-tax EU countries.

Under the proposal – which must be approved by all EU member states – countries will be obliged to share details of tax rulings every three months. The legislation, which will be legally-binding, will also apply retrospectively to tax rulings granted by countries over the last ten years.

 

Full Content: The Guardian

 

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