Local view for "http://purl.org/linkedpolitics/eu/plenary/2017-07-04-Speech-2-086-000"

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"Madam President, the title of this debate and the Commission’s proposals sound quite innocuous – Disclosure of income tax information by certain undertakings – and is aimed at multinational companies with a high turnover. But it raises more questions than it answers. What, for example, does it tell us about the Commission’s future intentions? We know the Commission wants big companies to supply it with information on their EU and non-EU operations for publication in an EU register. The list is modest in length, although no doubt it will cost companies a great deal of time and money to prepare the figures and also to have them audited, as the proposal requires. But it is a list that betrays a much wider ambition. When the Commission asks companies not just about tax they pay in different Member States, but also to disclose the nature of activities in third countries – the number of employees in each location, the related net turnover and accumulated earnings – we can deduce that the EU aims to not only harmonise corporation taxes, but also to introduce taxes based on wealth, capital and turnover, rather than profits, and to challenge existing tax residency and transfer pricing rules. When multinational corporations realise this, some of them will ask themselves why they should bother investing time, effort, and capital in the EU rather than somewhere else. Some will rightly conclude that markets are growing much faster elsewhere in the world and that bigger profits can be made without endangering themselves to the avarice of an EU Commission running out of other people’s money, which is shortly about to have a budget crisis when its second largest net contributor, the United Kingdom, leaves. There are only so many eggs you can get out of a golden Google!"@en1

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