EU fights tax evasion
Legal loopholes, tax dodges, and secretive banking practices in Austria and Luxembourg are costing the Eurozone approximately €1 trillion in lost tax revenue every year. Now EU leaders are pledging to crack down.
The European Parliament issued a resolution on 21 May urging the EU to halve annual losses by 2020. Officials from across the EU are promising to tighten loopholes and scrutinize banks.
On 22 May, Austrian Chancellor Werner Faymann - with hearty praise from German Chancellor Angela Merkel - agreed to share Austria’s data on foreign depositors, "It’s a bad day for tax cheats", he said, according to the news agency Reuters.