S&P 500
7,226.20
+0.01%
Dow Jones
49,494.60
-0.62%
Nasdaq 100
27,685.40
+0.66%
Russell 2000
2,804.78
-0.02%
FTSE 100
10,364.50
0.00%
Nikkei 225
59,260.50
-0.78%

EU Will Pursue Tax Cheats

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Tax
Thinkstock
European Union leaders will turn to one of the most crippling parts of the region’s economies — tax dodging. Given the size of the underground economies in Spain and Greece, missing taxes are a large portion of the taxable revenue base. Even in the United States, what the IRS collects is only a portion of the real, total income of people. Europe’s problem is that most countries have no mechanism to detect who cheats, let alone how to collect money from them. That means the decision to improve the system likely lacks teeth.

Bloomberg reports on efforts to fight tax evasion in the EU:

The agenda for this week will include stepping up the fight against tax evasion after finance ministers from Luxembourg and Austria last week blocked efforts to reach agreement on sharing tax data. The accord aims to set standards for how countries collect data on income residents earn in other nations.

“Priority will be given to efforts to extend the automatic exchange of information at the EU and global levels,” according to the draft.

So, it may be as hard to get an agreement as it will be to implement it.

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

Continue Reading

Douglas A. McIntyre |

What’s Important: Chesapeake Scandal Improves, SAC Capital Advisors Widens

Courtesy BlackBerryChesapeake Cleans Up Its Act Chesapeake Energy Corp. (NYSE: CHK) finally has succeeded in throwing out its morally challenged CEO…
Countries Losing the Most Revenue to Tax Loopholes and Fraud
247patrick |

Countries Losing the Most Revenue to Tax Loopholes and Fraud

Death is certain, but what about taxes? Not always. There are many ways to whittle down those due on corporate…
Tax Evasion by the Top 1% Chops $175 Billion Annually from US Tax Receipts
Paul Ausick |

Tax Evasion by the Top 1% Chops $175 Billion Annually from US Tax Receipts

A new paper suggests that the top 1% of U.S. earners are paying far less than their fair share of…
Douglas A. McIntyre |

Delaware Named As Better Place To Hide Money Than Switzerland

All of the tax evasion cases brought against customers at Swiss banks would lead most analysts to believe that it…
Apple Battles With Labor
Douglas A. McIntyre |

Apple Battles With Labor

Apple, one of America’s largest companies and the owner of the world’s most valuable brand, has run up against the…
Douglas A. McIntyre |

The Ten Countries Where People Save the Most Money

When it comes to saving, behavior varies widely among nations. Residents of the United States only save 5.8%. But the…
Douglas A. McIntyre |

Who Will Collect Greek Taxes?

There is a problem with tax collection in a country that has instituted austerity measures while simultaneously trying to attack…
Why Mexico’s Economic Growth Is Expected to Slow
Paul Ausick |

Why Mexico’s Economic Growth Is Expected to Slow

The OECD's new economic survey of Mexico suggests the country's overall macroeconomic future is sound, but there are problems that…
Douglas A. McIntyre |

Amazon Faces Strike by German Workers

Some of Amazon.com's German workforce have called another strike to try to get better compensation.

Top Gaining Stocks

Cboe Global Markets
CBOE • Vol: 1,568,143
New Pluto Global
PSKY • Vol: 12,285,993
Seagate Technology
STX • Vol: 7,378,346
Oracle
ORCL • Vol: 26,317,675
Datadog
DDOG • Vol: 6,247,779

Top Losing Stocks

LKQ
LKQ • Vol: 4,367,433
Clorox
CLX • Vol: 13,260,523
Stryker
SYK • Vol: 4,519,455
Mohawk Industries
MHK • Vol: 1,859,865
Amgen
AMGN • Vol: 3,818,618