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European Union finance ministers agreed Tuesday to close loopholes multinational corporations use to skip taxation on dividends, part of a drive to stop them from parking profits where they pay the least tax. The new rules, due to go into effect in 2020, should help the EU recoup revenues from companies that cut their tax bills by declaring profits in countries with low or no taxation. Attempts to have a common EU list of "non-cooperative jurisdictions" have so far failed as several EU countries preferred to maintain their own, often empty, listing.EU sanctions could be imposed on countries on the list.Ministers agreed that countries that apply zero-tax rates will not automatically be considered a tax haven, but will be subject to checks against other criteria, such as their level of cooperation with the EU on tax matters or the existence of offshore structures in their jurisdictions.
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