28 January 2016
There are some gaps in the international tax system that give multinational companies the ability to artificially shift profits from one country to another.
There are some gaps in the international tax system that give multinational companies the ability to artificially shift profits from one country to another. Today, the European Commission proposed a series of measures based on OECD recommendations, to ensure that taxes are paid effectively where the activity is pursued and the profits are made.
“We welcome the commission’s proposal to increase the exchange of information between tax administrations. After the automatic exchange of information on tax rulings, it’s time for each EU country to report information on assets, employment or paid taxes. Though there must be sufficient safeguards for the protection of sensitive information,” says Sander Loones, Flemish MEP and Vice-President of the European Parliament’s economics committee.
“On an international level, there’s a battle raging for the creation of jobs. The EU and its Member States should use all of their powers to attract international investments, businesses and employment. This requires ambition and realism together. Everyone who ignores the reality that the markets have become global, puts himself in a weaker competitive position and shoots himself in the foot.”
“This is why we need to question the commission’s ideas to impose additional obligations, which go beyond what has been agreed internationally at OECD level. This could risk weakening the competitiveness of EU countries and would have a negative impact on employment. Furthermore, the ECR group will remain particularly focused on making sure the Commission keeps its promise of guaranteeing that in no way extra administrative burdens will be put on the shoulders of SMEs.”
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