13 Feb 2019
Finance ministers from smaller European Union states on Tuesday opposed a plan to limit governments’ power to block EU reforms on tax matters, in a move that further reduces the chances of introducing an EU levy on large digital firms.
EU countries with smaller populations have for years blocked efforts to narrow loopholes that allow tax evasion and in some cases even money laundering in the bloc.
Many of them defend their right to decide their own tax laws and attract foreign business by offering sweeteners.
In an attempt to break the deadlock, the EU executive commission proposed last month to gradually remove the veto power that states wield on the overhaul of tax rules.
– By Francesco Guarascio, Reuters, 12 February 2019.
Link to Reuters
Advance your CPD minutes for reading this article, by signing up and using the CPD WalletFREE CPD Wallet