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Wiener Zeitung - Austria | Wednesday, May 22, 2013

EU tax policy halfhearted

Austria and Luxembourg have prevented a quick solution on the automatic exchange of bank data from being reached at the EU Summit. And while corporate tax avoidance was condemned, no measures were formulated to counter it. The half-heartedness of the EU heads of government hits above all the average wage earner, the state-run liberal daily Wiener Zeitung criticises, explaining that they have "no chance to turn gross into net with the help of Irish holdings or subsidiaries in Jersey, Gibraltar or Luxembourg and then repatriate the money through an Austrian foundation. ... In the US a Senate committee has summoned the head of Apple to answer for the company's policies. ... Something like that would be unthinkable in Austria. But why? The idea isn't to diminish real achievements, but to address the issue of how taxation can be avoided. In the US a legal loophole has been discovered which might now be closed. And the American public can have the feeling that their representatives are trying to remedy such injustices."

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