MOSCOW (Sputnik) — A plan to rein in tax avoidance by EU’s highest-grossing corporations will be voted on by the European Parliament next Wednesday, the EU body said in a statement.
The six-point plan penned by the European Commission proposes new measures that seek to reclaim $180-215 billion a year in lost revenue.
The motion aims to formulate a general rule that will cover loopholes in anti-abuse rules and encourage companies to pay taxes where their profits are made.
The draft legislation will require approval of the European Council, which represents EU countries. It has already secured the backing of the Parliament’s economic affairs committee.
