BRUSSELS, Sha'ban 18, 1437, May 25, 2016, SPA -- European Union finance ministers failed on Wednesday to agree new rules to counter tax avoidance and deferred until June a possible deal on clamping down on schemes by multinational companies to disproportionately reduce tax bills, Reuters reported. In the wake of Luxleaks and Panama Papers revelations, ministers were under pressure to approve new rules proposed by the European Commission in January to tackle corporations' tax practices that are estimated to cost EU states up to 70 billion euros ($76.10 billion) a year in lost revenues, according to an EU Parliament report. But several ministers raised concerns about some of the measures proposed, particularly on rules aimed at deterring companies from shifting profits to low-tax countries and aimed at forcing them to pay taxes on dividends and other profits made in tax-free countries. Smaller countries, such as Luxembourg, Ireland and Belgium, were among the most critical. Unanimous support from the 28 EU states is required to pass legislation on tax matters. Commission Vice President Valdis Dombrovskis said: "There are reasons to believe we will reach an ambitious agreement." -- SPA 21:23 LOCAL TIME 18:23 GMT www.spa.gov.sa/w