EU finance ministers alarmed by GLOs

European finance ministers pledged yesterday to work together to attempt to
defend their corporate tax revenues amidst a wave of litigation that has hit the
European Court of Justice, the FT reports.

Britain faces a bill of up to £20bn as a result of the challenges, with other
countries facing much larger liabilities.

The meeting of finance ministers to discuss the issue was designed to head
off the challenges from thousands of large multinationals, which alleged that EU
treaty provisions rendered individual countries’ tax rules illegal.

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