While the Media worldwide are… shaking after the Paradise Paper revelations, the European Commission reacted to the news. “As you know by now, the Commission has made fighting tax avoidance a top priority. Under the guidance of President Jean-Claude Juncker we have proposed and won unanimous agreement on a slew of new rules to fight tax avoidance. These are now gradually coming into force and already having effect. We have done more in the past three years than has been done in decades”, commented Commission’s spokesperson to IBNA.
“Our work is already making it much harder for large companies and individuals to get away without paying for their fair share of tax. We expect the Council to agree on a robust and credible tax havens blacklist in December, backed by appropriate countermeasures. Our proposal to shine more light on the tax avoidance industry also needs to be quickly adopted. And we also need to move ahead on the package of measures on anti-money laundering legislation to ensure that the public has access to information on company ownership”, he added.
As he told IBNA, “The most conservative estimates indicate corporate tax avoidance alone to be worth €50-70 billion a year. EU Member States must ensure that they find themselves on the right side of history. This must be a wake-up call for our Member States who need to move things up a gear. A number of Commission proposals remain outstanding. Member States need to agree on them to help to shut off avenues for offshore tax avoidance”, concluded the spokesperson…/IBNA