EU Will Continue To Monitor Taxes Even As UK Tax Standards Drop

The European Union will continue to monitor for aggressive tax competition from the UK, although there are likely enough safeguards in an existing trade agreement, speakers at a European Parliament hearing said.

The European Commission, the EU’s executive, will remain “extremely vigilant” in case the UK decides to become a low-tax “Singapore-on-Thames,” said Benjamin Angel, the Commission’s director for direct taxation, speaking at the hearing organized by the parliament’s tax subcommittee Tuesday reported Bloomberg.

A former UK finance minister said in 2017 that the UK might pursue a low-tax strategy, but this was now seen as “political rhetoric,” Angel said.

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