EU to close tax loopholes for multinationals

The EU is planning to crack down on loopholes in Ireland and other countries that allow huge multinationals to pay little if any tax on their earnings.

They estimate up to €1 trillion a year is lost in revenue to governments, including Ireland, by firms shifting money around the globe.

The European Commission will release plans to tackle this on Dec 5 as pressure is stepped up on Ireland and the Netherlands in particular by countries including Britain, France, and Germany.