Multinational technology companies such as Apple, Google and Amazon were a key focus of EU leaders' attempt to clamp down on aggressive tax avoidance at their summit on Wednesday (22 May). The broad European initiative against tax fraud arising from the summit – a push to create global bank information sharing – is modelled closely on the US Fair and Accurate Credit Transactions Act, which requires American taxpayers to report their foreign financial interests, and has galvanised EU countries to act.
The action also reflects US concerns that digital multinational companies are in the vanguard of corporations failing to shoulder their fair burden of tax.
To read the original article: Europe takes aim at digital giants’ tax swerves | EurActiv
