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Article

EU leaders spearhead global clampdown on tax fraud

EU leaders committed to seek a broad global agreement to share data on foreign depositors to stymie tax-shirking companies and individuals...Referring to tax-optimisation by large companies, Hollande said it was “crucial” to fight against it. “[I]t is very important that this struggle is conducted against so-called tax optimisation which is nothing other than the pursuit of zero taxation for a number of large groups."..."There is a real chance of seeing the sort of international action that we need to fix this problem," [David Cameron] said....The Commission estimates that tax evasion and fraud cost member states about €1 trillion a year..."I think it's a very, very important progress that we haven't been able to make over many years. As the EU we would also like to give a contribution to placing this on the agenda of the international community...We will address tax havens and also fight against tax fraud and tax evasion," [German Chancellor Angela Merkel] said. [Transcript: We are...talking about...jointly fighting despicable practices like deliberate tax evasion [said Van Rompuy, European Council President]]