Austria, Luxembourg To Block EU Tax Evasion Proposal

Law360, New York (November 15, 2013, 6:05 PM EST) -- Austria and Luxembourg announced Friday that they would block the European Union's attempt to pass new savings income rules intended to curb tax avoidance and increase transparency in international banking until Switzerland and other alleged tax havens also agreed to new reforms.

At a hearing in Brussels, Luxembourg Finance Minister Luc Frieden said the European Commission, which serves as the EU's executive arm, should hold off on passing the proposal until Switzerland, Liechtenstein, Monaco, Andorra and San Marino agree to equivalent measures. Luxembourg's position was backed...
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