EU Nations Adopt Policy To Combat Tax Evasion

Law360, New York (March 24, 2014, 12:50 PM EDT) -- After six years of negotiations, European Union lawmakers on Monday formally adopted a tax evasion policy designed to close loopholes within the bloc's member nations and combat bank secrecy.

Even after talks initially fell apart with Austria and Luxembourg at a March 11 meeting on the EU Savings Tax Directive, after much convincing, all EU member states are now on board for a group effort to stop tax evasion.

"Today marks a major breakthrough in EU tax policy and a major step forward in our common fight against tax evasion," Algirdas Semeta, the European Commission's commissioner responsible for taxation, said in...

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