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Some €23bn is lost in tax every year globally due to Luxembourg enabling corporate tax abuse and private tax evasion, says NGO Tax Justice Network (Photo: Sven Graeme)

Luxembourg tax scandal may prompt EU action

The European Commission has not ruled out tightening tax loopholes and transparency gaps such as those found in Luxembourg.

The comments on Monday (8 February) follow the publication of an investigation disclosing how the Italian mafia, moguls and billionaires continue to park their wealth in the Grand Duchy, along with some 55,000 offshore companies managing assets worth at least €6 trillion.

"These investigations do provide importa...

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Some €23bn is lost in tax every year globally due to Luxembourg enabling corporate tax abuse and private tax evasion, says NGO Tax Justice Network (Photo: Sven Graeme)

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