In an exclusive interview with FRANCE 24, the new EU Commissioner for Economic and Financial Affairs, Taxation and Customs says he is working on a new EU directive that will enable the automatic exchange of information on tax rulings.
Pierre Moscovici is confident that such a move will ultimately discourage multinationals from using tax avoidance schemes in countries such as Luxembourg and the UK. He warns that EU countries which refuse to co-operate risk being "named and shamed".
The new European Commission is in damage control mode after leaked documents revealed that over 300 international companies have channelled hundreds of billions of euros through Luxembourg to save billions of euros in taxes.
But Moscovici insists that the LuxLeaks scandal has not damaged the credibility of new EU Commission chief, Jean-Claude Juncker, even though he served as Prime minister of Luxembourg for two decades.