Europe: EU starts legal action against Luxembourg over tax evasion

The European Commission has launched legal actions against Luxembourg over laws to prevent money laundering and tax avoidance, it said in a statement.

New European Union rules to step up scrutiny of financial assets controlled by politicians and companies’ owners were approved in May 2018 to clamp down on money laundering, but Luxembourg is among the EU states that are not yet fully applying them, the Commission said on Thursday.

In a separate legal action, also launched on Thursday, the EU executive arm urged the Grand Duchy to change a law that allows companies to cut their tax burden beyond what is permitted under EU rules, since it leads to reduced tax revenues in other EU states.

The full original article can be found at aljazeera.com

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