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EU Pushes for More Tax Transparency Among Member States

Aarti Maharaj | October 7, 2015

The European Union finance ministers recently agreed to push member states to exchange information on tax deals with some of the world’s biggest multinationals to address the growing issue of tax avoidance in Europe. The tax information gathered from tax deals will not be available to the public, only tax authorities will have access to this critical data. The agreement is slated to take full effect by Jan. 1, 2017.

The New York Times reported that the legislation was passed so national tax regulators would cut back on offering selected tax arrangements to companies. The law would also require that member states transmit information about special corporate tax deals twice per year to national tax authorities over an encrypted email system and eventually to a main database,...

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