The bill, which calls for slashing corporate taxes, has support from the Chamber of Commerce. Other groups see it as means to make the rich even richer. Home associations warn, if enacted, the legislation can cause another housing recession.
The European Commission ruling is part of a drive against sweetheart tax deals that smaller states in the bloc offer multinational companies to lure jobs and investment.
A former employee of accounting firm PwC claims he had access to confidential documents that were exposing Luxembourg's tax deals with multinational companies.
Britain's Prime Minister Cameron admits he should have handled scrutiny of his family's tax arrangements better
Panama will form independent commission of experts to review its legal and financial practices following launch of criminal inquiry by Geneva prosecutor
British Prime Minister David Cameron declines to comment on whether his father ran offshore investment funds in Panama
US President Barack Obama says 'Panama Papers' show tax avoidance is big global problem
Probes opened as large banking firms and politicians implicated in tax evasion by 11.5 million tax documents dubbed the 'Panama Papers'
Leaked documents from Panama-based law firm reveal alleged network of fortunes in tax havens linked to world leaders
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