Financial Times FT.com

EU majority backs clampdown on tax havens

By Tony Barber in Brussels and Haig Simonian in Zurich

Published: March 4 2008 18:26 | Last updated: March 4 2008 18:26

Germany’s call for a clampdown on European tax havens won support on Tuesday from a majority of the European Union’s 27 member states, determined to tighten rules on bank secrecy, which they see as encouraging tax evasion.

At an EU finance ministers’ meeting in Brussels, only Austria and Luxembourg, which obtained special arrangements when an EU savings tax directive came into effect in 2005, appeared reluctant to back tougher rules.

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