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The EU states lose 100 billion euro per year due to tax optimisation and avoidance

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The European Union faces a significant challenge in combating tax evasion, with member states losing over 100 billion euros annually due to the clever tactics of multinationals in exploiting legislative gaps. This issue is highlighted in a recent report by the European Court of Auditors, which underscores the inadequacies in the EU’s measures against tax evasion. The report focuses on the period between 2019 and 2023, examining how EU directives were implemented in countries such as the Netherlands, Ireland, Cyprus, Luxembourg, and Malta. It reveals that despite several EU directives aimed at combating harmful tax practices, the lack of clear guidelines on their application has led to inconsistent interpretations among member states. When encountering ambiguities and gaps in the legislation, member states tend to interpret these rules in ways that are most beneficial to themselves, according to the European Court of Auditors. Luxembourg, in particular, has been a focal point of criticism for its tax policies. The country has been accused of acting as a tax haven, facilitating aggressive tax planning through complex financial structures. The “Lux Leaks” scandal in 2014 exposed over 500 tax rulings that Luxembourg had issued to large companies, allowing them to significantly reduce their tax [...]

The post The EU states lose 100 billion euro per year due to tax optimisation and avoidance appeared first on Luxembourg Herald.