Tax-dodgers 'not acceptable': Luxembourg Fin Min
Luxembourg's finance minister told CNBC Monday that a system which allows companies to evade tax is unacceptable, particularly given that some banks were bailed out by taxpayers following the financial crisis.
Referring to the recent <a href="http://www.cnbc.com/id/102453292?__source=yahoo|finance|inline|story|story&par=yahoo&doc=102467122"> HSBC tax-dodging scandal </a>- in which the bank is accused of helping wealthy clients evade millions of pounds worth of tax - Pierre Gramegna said the tax system was being reviewed in order to create a "a common, level playing field."
The finance minister's comments come just days after McDonald's was accused by labour unions and a charity of avoiding around 1 billion euros ($1.1 billion) in tax between 2009 and 2013 by routing revenues through a Luxembourg unit. The groups called on the European Commission to investigate.
Gramegna said the country's government had "abandoned bank secrecy" and was committed to a system "tax transparency."
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