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Old 28th November 2019, 20:23   #1 (permalink)
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12 EU states reject move to expose companies' tax avoidance

Twelve European Union countries, including Ireland, have blocked a proposed new rule that would have forced multinational companies to reveal how much profit they make and how little tax they pay in each of the EU’s 28 member states.

The proposed directive was designed to shine a light on how some of the world’s biggest companies – such as Apple, Facebook and Google – avoid paying an estimated $500bn a year in taxes by shifting their profits from higher-tax countries such as the UK, France and Germany to zero-tax or low-tax jurisdictions including Ireland, Luxembourg and Malta.

Ireland is one of the biggest beneficiaries of the current rules. The country hosts corporate offices that collect revenue and profits generated by many multinational companies across the EU bloc. Ireland allows global technology companies to pay corporation tax at rate as low as 6.25%, compared with 19% in the UK.

Ireland’s decision to vote against the proposed directive – which would have forced companies to report their revenues and profits on a country-by-country basis – came as the Irish tax-and-spending watchdog warned that the country’s economy could collapse if there was a global clampdown on tax avoidance.

Other countries that have set themselves up as low-tax environments helping to shelter the profits of the world’s biggest companies were also among those that voted against. They include Luxembourg, Malta, Cyprus, Latvia, Slovenia, Estonia, Austria, Czech Republic, Hungary, and Croatia.

Sweden also voted against the proposed rule, but because its government feared that the directive might water down their higher standards on transparency. France, Spain and the Netherlands were among those voting for the proposals. Germany abstained.

The UK, which had been one of the biggest supporters of tougher measures to tackle multinational tax avoidance, did not vote. The Treasury said this was because the UK is in purdah before the general election.

https://www.theguardian.com/business...-tax-avoidance
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Old 28th November 2019, 21:07   #2 (permalink)
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Re: 12 EU states reject move to expose companies' tax avoidance

That says it all
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Old 29th November 2019, 07:14   #3 (permalink)
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Re: 12 EU states reject move to expose companies' tax avoidance

Well it won’t matter to the UK after Brexit! I wish you luck with collecting any tax from that lot of companies!!
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