The Presidential Daily Brief

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    EU to Crack Down on Taxation for Multinationals

    Time to pay the piper. The Panama Papers brought tax avoidance into the spotlight, and the European Union hopes to clamp down with new rules meant to keep large corporations from hiding money in tax havens. Multinational companies that do business in Europe will have to report where they make profits, and how much tax they pay in each country, including subsidiaries in tax shelters. Business groups are expected to kick back — as is the U.S., which has accused the EU of “disproportionately” targeting American firms.

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