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EU regulators to investigate tax details

EU regulators to investigate tax details
14 Oct 2014

First published in Financial Buzz, 14 October 2014

The enquiry started by the EU begins at a time when there is a world-wide crackdown against the avoidance of taxes. Governments are struggling to reduce their deficits and increase revenues. A statement by the commission revealed that tax evasion and avoidance in European Union costs approximately one trillion euros (about $1.3 trillion) every year.

Frederic Donnedieu, Chairman of Taxand, is of the opinion that scrutinising the tax particulars of highly visible multinationals like Apple and Starbucks on the case of state aid violation is just a knee-jerk reaction so that the authorities appear to be on front-foot. 

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