The European Commission launched legal actions on Thursday against Luxembourg over laws to prevent money laundering and tax avoidance, it said in a statement.
FILE PHOTO: European Union flags fly outside the European Commission headquarters in Brussels, Belgium, December 12, 2019. REUTERS/Yves Herman
In a separate legal action, also launched on Thursday, the EU executive arm urged the Grand Duchy to change a law that allows companies to cut their tax burden beyond what is permitted under EU rules, since it leads to reduced tax revenues in other EU states.
The Commission said Luxembourg’s rules allowed firms “unlimited deductibility of interest” from tax bills, which is not in line with EU rules. A similar legal action was launched on Thursday against the government of Portugal.
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