Local view for "http://purl.org/linkedpolitics/eu/plenary/2016-02-02-Speech-2-104-000"

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"Mr President, I welcome the tax avoidance package. Many multinationals, through aggressive tax planning, exploit loopholes and mismatches in national laws and, because of that, they end up paying derisory levels of tax that have absolutely no connection to the profits they make. The OECD estimates that corporate tax evaded at local level is somewhere between EUR 100 and 240 billion annually and at EU level it is somewhere between EUR 50 and 70 billion. Those are obscene amounts of money forgone and, as you said, Commissioner, there can be no social justice or equality while this regime continues. The Commission tells us that the OECD’s Base Erosion and Profit Shifting (BEPS) initiative is not sufficient. So the challenge for the EU is to drive this issue as a global leader while at the same time not damaging EU competitiveness or the potential for foreign direct investment. Our response must be proportionate and effective. Finally, it is not just the Council, the Commission and Parliament that will drive this issue; consumers will play a hugely important role, and that is why I believe public country-by-country reporting would be a very powerful tool."@en1

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