Newsmax TV & Webwww.newsmax.comFREE - In Google Play
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
Tags: Europe | Tax | Cheats | Dividends

European Crackdown on Tax Cheats Proposed

Monday, 25 November 2013 11:16 AM EST

The European Union's tax man wants to change the rules to make it tougher for companies to escape paying taxes by exploiting countries' differing laws.

European Commissioner Algirdas Semeta unveiled a plan Monday to stop companies avoiding taxes on subsidiaries' dividends in some EU nations because local laws classify the dividends as debt payments.

Semeta also wants to bar companies, including U.S. and other foreign multinationals, from using bookkeeping tricks to shift profits out of higher-tax jurisdictions to shell companies or letterbox affiliates in lower-tax countries.

Semeta's spokeswoman, Emer Traynor, said: "We want to be global leaders in the fight against tax avoidance."

EU finance ministers still must discuss the proposed changes. Implementing them may be difficult. All members of the 28-country European Union would have to be in favor.

© Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

European Union tax man seeking changes in the rules to crack down on cheats
Monday, 25 November 2013 11:16 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
Get Newsmax Text Alerts

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved
© Newsmax Media, Inc.
All Rights Reserved