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Let's not overreact to Panama Papers, some EU finmins warn

Malta's Finance Minister Edward Scicluna

A European Commission plan to publicly reveal tax and financial data of large companies raised concerns among some European Union finance ministers who on Saturday advised caution after the Panama Paper leaks.

Under pressure after the revelations about offshore firms hiding wealth, the EU executive proposed on April 12 a plan to increase tax transparency of multinational companies, including public disclosure of their activities in tax havens.

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