European Union finance ministers failed to agree brand-new guidelines to counter tax avoidance and have postponed until June a possible deal to clamp down on multinationals schemes to disproportionately decrease tax expenses.
We will continue dealing with this in the coming weeks. Ideally we can come to a last contract on this proposition in June, the Dutch finance minister, Jeroen Dijsselbloem, said during a public session of a meeting of EU finance ministers on Wednesday.
In the wake of the Luxleaks and Panama Papers revelations, ministers were under pressure to approve brand-new rules proposed by the European commission in January to deal with corporation’s tax practices, which are approximated to cost EU states 70bn a year in lost revenues.
Several ministers raised issues about some of the proposed measures, especially on rules meant to deter companies from moving earnings to low-tax nations and aimed at requiring them to pay taxes on dividends and other revenues made in tax-free countries.