$45 billion in losses from tax evasion in Germany
Due to the impact of the Lichtenstein tax evasion case, the European Union is set to revamp its laws and practices to crack down on loopholes.
Jolted by the Lichtenstein tax scandal, European countries on Tuesday took the first steps toward enacting a fresh clamp down on tax havens on their doorstep.
Under pressure from Germany, the European Commission will draw up new proposals this year that are likely to widen the scope of legislation on tax evasion - and close a loophole under which trusts and some other savings escape the same controls as cash.
European Union countries say they lose billions of euros in revenue because of tax evasion, with Germany alone claiming it loses up to €30 billion, or $45 billion, a year.