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  'A bad day for tax cheats': EU to crack down on those seeking to escape heavy bills
  
  Officials have said that the bloc loses €1 trillion a year through tax dodging
  
  European leaders are under pressure to do more to crack down on individuals and corporations
  
  seeking to escape heavy tax bills, with Austria and Luxembourg giving the strongest signals yet
  
  that they would finally drop opposition to sharing bank account data.
  
  All 27 heads of state meeting in Brussels agreed in principle to start automatically sharing bank
  
  account information by the end of the year, but EU officials cautioned that similar promises in the past
  
  had failed to translate into action.
  
  Pressure is mounting on politicians on both sides of the Atlantic to make sure that both individuals
  
  and multinational corporations like Google, Apple and Starbucks pay a fair amount of tax, especially
  
  as many voters face increasing economic hardship and higher taxes.
  
  EU officials have said that the bloc loses €1 trillion a year through tax dodging, and were pushing the
  
  leaders to commit to the legislation know as the Savings Directive. It has been languishing unsigned
  
  for decades because of opposition from Austria and Luxembourg, which have a history of banking
  
  secrecy and fear losses for their financial sectors.

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