Will the end of European tax havens be soon nearby?
France wants to fix the legal loopholes in the European tax legislation as soon as possible. According to the Minister of Finance, Bruno le Maire Europe is acting to slow and therefore misses loads of tax income. Major US (technology) companies like Apple, Amazon, Facebook and Alphabet (Googles parent company) used these legal loopholes for many years. Because of that they were able to increase their market share without paying hardly any taxes. In the meantime European companies were the victim in the market. They did not have the possibilities of increasing their market while paying less taxes than their US competitors.
Recently the French discussed this issue with their German colleagues and decided to put this on the agenda next month during a EU meeting in Estonia. The French will plead for simplifying the rules and regulations to prevent future tax evasion.
According to Minister le Maire, Europe must defend its economic interest in a more powerful way. “Just like the Americans and Chinese do” he said.
A good example on how Europe can act in cases like theses is the recent demand of the European Union to Ireland to reclaim the billions of euro’s from recently granted tax benefits from Apple.
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