Local view for "http://purl.org/linkedpolitics/eu/plenary/2015-06-24-Speech-1-293-000"
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"en.20150624.29.1-293-000"2
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"Madam President, colleagues, we can wait for the whole world to agree measures against tax fiddling, or we can take action now. Personally I am very pleased that the Commission has acted now and welcome much of what is within this package. Nonetheless, as many people have already said, the package does not go far enough to satisfy the public and the vast majority of tax-compliant businesses. The first big hole, as many have mentioned, is the lack of a commitment to public country-by-country reporting. Unfortunately this has been unnecessarily postponed. We must see it being enacted soon. There is also no mention of protections for whistle-blowers, and whilst a common list of tax havens is better than nothing at all, we surely need a common definition of tax havens to give that list credibility. Furthermore there must be consequences for those countries and firms which are classified as tax havens or which use tax havens. They should not be able to profit from EU funds.
Finally, I am sorry to say that I do harbour some doubts about the Commission’s proposed loss adjustment mechanism. A 2011 OECD report indicated how, and I quote, ‘financial instruments are used to create artificial losses, i.e. losses which are only generated for tax purposes’. The Commission must ensure the loss adjustment mechanism does not perversely promote aggressive tax planning. Thank you again for your work on this and I look forward to much more over the months to come."@en1
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