Tax Evasion: EU must combat 1 trillion euro tax dodging - by Bejamin Fox

 EU countries must apply common tax rules to combat tax havens and loopholes allowing businesses to avoid corporation tax, according to new proposals released on Thursday (6 December) by the European Commission.

The Commission estimates that around 1 trillion euros is lost each year to tax evasion and avoidance in the EU, The situation is particularly acute at a time when governments across Europe are implementing austerity budgets and attempting to increase taxes to plug budget deficits and rebuild public finances.

Launching the proposals, the EU Tax commissioner Algirdas Semeta said tax evasion was "a scandalous loss of much-needed revenue" and "a threat to fair taxation".

Read more: EUobserver.com / Headline News / Commission - EU must combat 1 trillion euro tax dodging