(MENAFN- Saudi Press Agency) Finance ministers from the eurozone's three biggest economies called for new European Union laws to tackle corporate tax avoidance and to end the practice of EU states offering tax deals to draw in investors, dpa reported.
'Our citizens and our companies expect us to cope with tax avoidance and aggressive tax planning,' said Germany's Wolfgang Schaeuble, France's Michel Sapin and Italy's Pier Carlo Padoan in a joint letter to the European Commission.
'It is our common duty to meet their expectation by ensuring that everyone pays their fair share of tax to the state where profits are generated,' the ministers wrote.
'Since certain tax practices of countries and taxpayers have become public recently, the limits of permissible tax competition between member states have shifted. This development is irreversible,' they say.
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