Cyprus Mail
BusinessWorld

The Luxleaks revelations and their likely impact

President of the European Commission Jean-Claude Juncker

By Stelios Papadopoulos

On November 6 the international consortium of investigative journalists published documents of tax agreements between Luxembourg and 340 multinational firms in a series of revelations that came to be known as the Luxembourg leaks. The documents reveal in 28,000 pages secret deals that grant preferential tax treatment to multinational companies in Luxembourg and have prompted a sharp debate in the media and the European parliament over the issue of tax evasion.

For example a Bloomberg editorial called for Commission President Jean Claude Junker’s resignation while far-right and far-left parties support a censure motion against the newly elected president. German finance minister Wolfgang Schauble on the other hand stated that Luxembourg ‘’has a lot to do’’ to meet global standards based on the ICIJ’s findings.

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