Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-25-Speech-2-654-000"
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"en.20111025.32.2-654-000"2
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"Madam President, the problem being expressed is faced by the EU as a whole but should be regarded and tackled domestically. In the UK, for example, management of offshore banking in British Crown dependencies is intrinsically tied with reciprocal contributions to the liquidity of the domestic market. I demand that the Commission heed caution when seeking to harmonise corporate taxation and when taking such bold legislative leaps as to criminalise tax avoidance by enshrining it as tax evasion within EU law.
In a global marketplace, there will always be tax havens, offshore banking and questionable yet astute financial handling by the most profitable multilaterals. It is estimated that some 15% of countries in the world are tax havens. These countries tend to be small and affluent, with the most successful well-governed and regulated. It is fair to suggest that over-regulation drives away commerce and investment.
However, both over-regulated and mismanaged tax systems are often the product of sprawling tax bases too large to effectively manage or allow necessary economic elasticity. Many multilateral conglomerates are turning their backs on the European market due to the eurozone crisis and the burden of EU law. Raising this issue now will only deter corporations from establishing headquarters in the EU, and they will instead look to Asia or South America.
Taxation must remain the prerogative of Member States better placed to manage and enforce their own systems, allowing for increased flexibility while also promoting the sort of competition that helps catalyse recovery. It would be foolhardy for any Member State outside the common currency to sign up to such corporate fiscal union."@en1
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