The EU's attempts to clamp down on tax evasion are being undermined by the rise of high-security 'freeports', where wealthy individuals can store goods confidentially to avoid paying taxes. One such facility, which is based in Luxembourg and known as Le Freeport, has been described as a 'black hole' by members of the European Parliament. A new report from Eurofound shows that more than half (53 per cent) of EU citizens believe their country should be able to set its own rules for how much money it collects in tax.
The EU's attempts to clamp down on tax evasion are being undermined by the rise of high-security 'freeports', where wealthy individuals can store goods confidentially to avoid paying taxes. One such facility, which is based in Luxembourg and known as Le Freeport, has been described as a 'black hole' by members of the European Parliament. Artworks are believed to be one of the major assets stored in such facilities, with individuals also using their superyachts to prevent paying taxes.