EU losing 1 trillion euros a year to tax dodging

EU losing 1 trillion euros a year to tax dodging

BRUSSELS | Fri Apr 12, 2013 11:47am EDT

(Reuters) - Tax dodging causes the European Union to lose around 1 trillion euros of income each year, the president of the European Council said on Friday as he announced that EU leaders would discuss the issue at a summit next month.

This hemorrhage of tax revenues is equivalent to the entire annual economic output of Spain, and far exceeds a total of about 400 billion euros committed to bailouts of euro zone members Greece, Ireland, Portugal and Cyprus in coming years.

"We must seize the increased political momentum to address this critical problem," Herman Van Rompuy, who chairs meetings of EU leaders, said in a statement broadcast on the Internet.

"Tax evasion is unfair to citizens who work hard and pay their share of taxes for society to work. It is unfair to companies that pay their taxes - but find it hard to compete because others don't."

Van Rompuy's message, and the addition of the issue to the agenda of the summit in Brussels on May 22, will add to pressure on Austria to conform with the rest of the EU on sharing information about bank depositors.

Austria is the only one of the EU's 27 member states unwilling to sign up to EU rules on the automatic exchange of depositor data, with the finance minister intent on protecting Austria's long history of banking secrecy.

EU policymakers say having all EU countries signed up to the EU savings directive, the piece of legislation that calls for sharing of depositor data, will help to combat tax evasion.

Luxembourg, which has the biggest banking sector in the EU relative to its gross domestic product, announced this week it was willing to sign up to the directive from January 2015, leaving Austria as the only EU stand-out.

FULL STORY: http://www.reuters.com/article/2013/04/12/us-eu-tax-vanrompuy-idUSB...

Views: 95

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Less Prone commented on Doc Vega's blog post Was Sabotage or Terrorism used in the Collapse of the Francis Scott Key Bridge?
"Perfect for destroying the supply chain. It could well have been intentional."
10 hours ago
Less Prone favorited Doc Vega's blog post Was Sabotage or Terrorism used in the Collapse of the Francis Scott Key Bridge?
10 hours ago
Doc Vega posted blog posts
12 hours ago
rlionhearted_3 posted photos
15 hours ago
rlionhearted_3 favorited Doc Vega's photo
15 hours ago
tjdavis posted a video

Alabama’s Biggest Secret - Operation Paperclip 🇺🇸

In the north of Alabama is the city of Huntsville. It's here where German scientists built NASA in secrecy after World War II. Operation Paperclip is still s...
19 hours ago
tjdavis posted a photo
20 hours ago
Doc Vega commented on Doc Vega's blog post Americans You’re Being Squeezed Out!
"Cheeki kea always nice to her you chime in and you're damn right! "
yesterday
Doc Vega commented on Doc Vega's blog post Americans You’re Being Squeezed Out!
"Les Prone thanks for your support Dude! "
yesterday
Doc Vega posted a photo

The inconvenient truth

Trump spells it out!
yesterday
Sandy posted a photo
Wednesday
Less Prone favorited Doc Vega's blog post What Made the Founding Fathers of America so Brilliant?
Tuesday
Less Prone commented on Doc Vega's blog post Why didn't the Archeological World Announce Proof that Jesus Lived?
"Motives of Joe, to shit in the well by showing totally irrelevant proof?"
Tuesday
Doc Vega commented on Doc Vega's blog post Why didn't the Archeological World Announce Proof that Jesus Lived?
"Less, Motives of Wyatt or Joe? What archeologist wouldn't want proof of Jesus as part of his…"
Tuesday
Doc Vega commented on Doc Vega's blog post Why didn't the Archeological World Announce Proof that Jesus Lived?
"Less Prone, Considering Joe Rogan to be the gatekeeper of anything is just short of ridiculous the…"
Tuesday
Doc Vega posted a blog post
Tuesday
MAC posted a video

Don't Go To Hong Kong Now (Even on Connecting Flights)

Secure your privacy with Surfshark! Enter coupon code laowhy86 for an extra 3 months free at https://Surfshark.deals/laowhy86Article 23 in Hong Kong is real,...
Tuesday
cheeki kea commented on cheeki kea's video
Thumbnail

Terrorist Attack on Moscow - Ukraine Committing Suicide? | Larry C. Johnson

"...And I guess I'll just park this you tube here also for something to ponder from last year.…"
Tuesday
tjdavis posted photos
Tuesday
Less Prone posted a video

Climate: The Movie (The Cold Truth) NL

Deze nieuwe documentaire van de Britse filmmaker Martin Durkin toont aan dat klimaatalarm een verzonnen doembeeld is zonder enige wetenschappelijke basis. He...
Monday

© 2024   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted