- Sputnik International
World
Get the latest news from around the world, live coverage, off-beat stories, features and analysis.

European Legislation Fails to Hinder Tax Avoidance

© REUTERS / Yves Herman Activists take part in a demonstration outside the European Commission (EC) headquarters ahead of statements by the EC on the effectiveness of existing measures against tax evasion and money-laundering in light of the recent Panama Paper revelations, in Brussels, Belgium, April 12, 2016
Activists take part in a demonstration outside the European Commission (EC) headquarters ahead of statements by the EC on the effectiveness of existing measures against tax evasion and money-laundering in light of the recent Panama Paper revelations, in Brussels, Belgium, April 12, 2016 - Sputnik International
Subscribe
Michael Theurer, a German member of the European Parliament, said that the inquiry committee is the right format to deal with the Panama Papers revelations – “the biggest data leak of all times that has made its way in the public and that needs not only judicial but also political consequences.”

Gurria, Padoan, Osborne, Schaeuble, Sapin, Guindos and Lagarde hold a news conference at the IMF/World Bank Spring Meetings in Washington - Sputnik International
Major EU States Call G20 to List Shell Companies Amid Panama Leaks
MOSCOW (Sputnik), Daria Chernyshova — The current European legislation is not sufficient to address the problem of tax avoidance, co-Rapporteur for the European Parliament’s Special Committee TAXE told Sputnik Friday.

Following the Panama Papers revelations, the European Parliament set up Thursday a committee to investigate into the use of offshore accounts.

“Current European legislation is definitely not enough to hinder tax avoidance. We are calling for more ambitious proposals from the European Commission, notwithstanding that some important steps have already been taken,” Michael Theurer, a German member of the European Parliament, said.

“We need an effective EU legislative framework based on the Community method, including a Common Consolidated Corporate Tax Base,” Theurer said adding that the Organization for Economic Co-operation and Development's Base Erosion and Profit Shifting (BEPS) measures are not enough to tackle the problem.

He called for stricter sanctions being imposed, “including dispossession of the banking license.”

Starbucks - Sputnik International
European Parliament Set to Boost Tax Scam Inquiry Following Panama Papers
Theurer also stressed that the inquiry committee is the right format to deal with the Panama Papers revelations – “the biggest data leak of all times that has made its way in the public and that needs not only judicial but also political consequences.”

He warned that keeping low profile on the potential involvement of top-politicians, athletes, managers and banks in tax evasion would mean a boost for right-wing populism.

Earlier in April, the German newspaper Sueddeutsche Zeitung exposed the alleged involvement of the world's wealthy including a number of former and current leaders, in offshore schemes by publishing materials it claimed came from Mossack Fonseca, a Panama firm selling offshore companies.

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала