The new European Commission president took political responsibility on Wednesday for Luxembourg’s role in helping global companies avoid tax and Germany urged swift action to fight tax evasion in Europe.
Jean-Claude Juncker, who served as finance minister and prime minister of Luxembourg for more than two decades, reacted for the first time since investigative journalists reported last week that the tiny state had granted deals to some 340 companies allowing them to avoid tax.
At a time of near record unemployment in the European Union, the affair has overshadowed the start of the new Commission, billed by Juncker as “Europe’s last chance” to show citizens the bloc can act in their interests.
The revelations put Juncker under intense pressure to make clear his position on the tax deals and raised questions about whether they create a conflict of interest for him.
“I am politically responsible for what happened in each and every corner and quarter (of Luxembourg),” he said, adding that while in line with Luxembourg and European laws, the tax practices may not have been ethical.
via CNBC
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.