The European Union on Friday moved to close a loophole that has allowed multinational companies to reduce their tax bills by exploiting differences in national tax rules, ending months of negotiations and potentially boosting EU states' tax revenues. Corporate tax avoidance has become a hot issue in industrialized nations. "The aim is to close a loophole that currently allows corporate groups to exploit mismatches between national tax rules so as to avoid paying taxes on some types of profits distributed within the group," finance ministers said in a statement. Some member states classify profits from such tools as a tax-deductible debt;
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