The European Union has set up a special subcommittee to focus solely on tax matters.

Composed of 30 members, the subcommittee – FISC - will deal with the fight against tax fraud, tax evasion and tax avoidance, as well as financial transparency for taxation purposes.

After a series of special committees and a committee of inquiry, created to look into the various tax leaks and scandals of recent years, the EU parliament established the more permanent setup.

Paul Tang, the committee’s newly elected chair, said: “We’re at a critical stage. Governments are now – rightly – spending billions to save live...