EU opens probe into U.K. tax scheme for multinationals

“The U.K. probe comes amid a renewed crackdown by EU tax authorities on its member states and big multinationals operating in Europe” writes Markets Reporter for The competition watchdog said it will investigate whether a U.K. tax scheme is in breach of EU state aid rules, by exempting transactions by multinationals from anti-tax avoidance rules. “All companies must pay their fair share of tax.Anti-tax avoidance rules play an important role to achieve this goal.The European Union’s antitrust body has launched a probe into U.K. tax rules that allegedly help multinational companies to pay less taxes in Britain, the European Commission said on Thursday.The tax scheme in question is the Controlled Foreign Company rules that are meant to prevent U.K. companies from using a subsidiary in another country to avoid paying British taxes.

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