EU unveils new proposals to combat sweet tax deals

Published January 28, 2016

The European Union has unveiled new proposals to combat tax evasion by big companies by trying to end sweet deals between member countries and multinationals.

The proposals include steps to close the most common tax loopholes that companies exploit and improvements to the way that tax information is shared in the 28-nation EU.

The EU's top taxation official, Pierre Moscovici, said Thursday that "the days are numbered for companies abusing European tax laws." He noted that 50-70 billion euros ($54-76 billion) are lost annually due to tax evasion.

The Commission opened tax probes in 2014 into Apple in Ireland, Starbucks in the Netherlands and Amazon in Luxemburg, and is also looking at tax provisions in Belgium.

The proposals must be endorsed by EU nations and the European parliament.

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