The European Union will continue to monitor for aggressive tax competition from the UK, although there are likely enough safeguards in an existing trade agreement, speakers at a European Parliament hearing said.
The European Commission, the EU’s executive, will remain “extremely vigilant” in case the UK decides to become a low-tax “Singapore-on-Thames,” said Benjamin Angel, the Commission’s director for direct taxation, speaking at the hearing organized by the parliament’s tax subcommittee Tuesday reported Bloomberg.
A former UK finance minister said in 2017 that the UK might pursue a low-tax strategy, but this was now seen as “political rhetoric,” Angel said.
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