Thursday, June 12, 2014

TAX BREAKS TO CORPORATIONS UNDER WORLDWIDE WATCH !


EU to launch corporate tax probe into Ireland and others....
EU OBSERVER
June 11, 2014
by Benjamin Fox

BRUSSELS - The European Commission is to launch a formal investigation into whether tax breaks used to attract international companies breach the EU’s state aid rules.

Apple's tax arrangements in Ireland are set to be a focal point in a Commission investigation (Photo: EUobserver)

The probe, which is likely to target Ireland, Luxembourg and the Netherlands, is set to be announced at a news conference on Wednesday (11 June) by EU competition chief Joaquin Almunia.

Irish broadcaster RTE on Tuesday reported the launch of an investigation into the arrangements of US-based software giant Apple, but EU officials have also been gathering information on tax deals in Luxembourg and the Netherlands since last autumn.

EU countries have promised to crack down on loopholes which have allowed companies such as Amazon, Starbucks and Apple to pay tiny amounts of tax on their European operations.