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BN 11/15 11:10 *EU TO PROPOSE NOV. 25 PLANS FOR DOUBLE NON-TAXATION RULES BN 11/15 11:09 *EU TO PROPOSE TIGHTENING CORPORATE TAX LEGISLATION
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EU to Propose Tightening Corporate Tax Legislation 2013-11-15 11:14:19.209 GMT
By Aoife White Nov. 15 (Bloomberg) -- EU regulators will propose on Nov. 25 an overhaul of tax rules in a bid to close off opportunities for corporate tax avoidance. * Proposals aim to tackle “double non-taxation i.e. where loopholes in national tax systems are exploited by companies to pay no tax at all,” European Commission says in e-mailed statement * “Double non-taxation deprives member states of significant revenues and creates unfair competition between businesses in the single market,” EU says. “Tackling this problem requires urgent and coordinated action at EU level” * Tax legislation changes need full support from all 28 EU member states
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To contact the reporter on this story: Aoife White in Brussels at +32-2-237-4329 or awhite62@bloomberg.net
To contact the editor responsible for this story: Peter Chapman at +32-2-285-4318 or pchapman10@bloomberg.net