Tax avoidance : Latvian Presidency’s solution ruled out

"I don't want us to end up with nothing at all," Commissioner Pierre Moscovici told the finance ministers at the 19 June Ecofin Council. He urged them to "move quickly" on the revision of the interest and royalty payments directive presented in 2011. The proposal is a recast of the common system of taxation applicable to interest and royalty payments between associated companies from different member states (Directive 2003/49/EC). Although the scheme aims to prevent double taxation of companies, it…