EC steps up its bid to halt tax evasion

Multinationals availing of permissive tax regimes could have their tax assessments ignored and be forced to pay the full amount, under plans released by the European Commission.

Ireland will be asked to nominate representatives to sit on a board to identify ways companies are avoiding or minimising their tax, including through regimes such as that in Ireland and the Netherlands.

This is the latest development in the EU’s growing battle to ensure countries benefit from an estimated €1tn of tax being lost through avoidance and evasion annually.