EU To Tighten Corporate Tax Laws

Law360, New York (November 25, 2013, 2:14 PM EST) -- The European Union said Monday it would update its corporate tax system in an effort to close loopholes that have allowed businesses to avoid paying European taxes.

The European Commission, the EU's executive arm, introduced proposed amendments to its Parent-Subsidiary Directive, which was conceived two decades ago to eliminate double taxation among member states. The changes to the directive would require EU members to adopt standardized anti-abuse rules and eliminate tax exemptions for so-called hybrid loan arrangements.

First introduced in 1990, the directive was designed to...
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