EC preparing legislation to "tackle the misuse of shell companies for tax purposes" - Gentiloni

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Mandatory Credit: EBS

The European Commissioner for Economy Paolo Gentiloni announced the EUs intention of developing new tax legislation in response to the latest Panama Papers leak during a sitting of the European Parliament in Strasbourg on Wednesday.

“The Commission is preparing new legislative initiatives that will enhance tax transparency and bring new elements under the umbrella of automatic exchange of information to reinforce the fight against tax evasion and avoidance,” explained Gentiloni.

“This includes a legislative proposal that we will table before the end of the year to tackle the misuse of shell companies for tax purposes. We all know, also through the Pandora Papers, what a key role these shell companies can play in tax evasion,” added Gentiloni

The Pandora Papers, which contain 11.9 million leaked documents, or a total of 2.9 terabytes of data and were published by the International Consortium of Investigative Journalists (ICIJ) on Sunday, alleged that 35 current and former heads of state, as well as 400 other officials from almost 100 countries, have made use of tax havens.

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SOT, Paolo Gentiloni, European Commissioner for Economy: “These leaks demonstrate that we cannot be complacent and we need to work continuously to further strength our armoury against tax abuse. This is now more crucial than ever as we work to leave behind the economic downturn and ensure the costs of the crisis (COVID-19 crisis) are shared fairly between taxpayers.”

SOT, Paolo Gentiloni, European Commissioner for Economy: “The Commission is preparing new legislative initiatives that will enhance tax transparency and bring new elements under the umbrella of automatic exchange of information to reinforce the fight against tax evasion and avoidance. This includes a legislative proposal that we will table before the end of the year to tackle the misuse of shell companies for tax purposes. We all know, also through the Pandora Papers, what a key role these shell companies can play in tax evasion.”

SOT, Anze Logar, Minister of Foreign Affairs of Slovenia: “The most recent data gathered in the context of the Pandora papers should be the subject of further analyses by all the institutions concerned, in particular member state to find out whether illegal operation have indeed taken place.”

SOT, Jonas Fernandez, MEP (Spanish): “What surprises me is that at some point the Commission will tell the Council that enough is enough. It is not acceptable that the list of tax havens should always end up being blocked and cut by the Council. In short, we have reached the moment of truth, the Council, you, and the other governments must finally take responsibility, thank you very much.”

SOT, Gunnar Beck, Member of European Parliament: “Today we know the revolution failed for the Pandora Papers once again confirm that the very rich remain tax-exempt and avoid paying tax perfectly legally. Two comments, first many of the tax evaders are from countries which are amongst the largest recipients of German and EU development aid or the EU recovery funds, and neither Germany nor the EU want to impose sanctions on those countries or persons where action could but isn’t taken, there is obviously no political will to stop mass tax evasion by the super rich.”

SOT, Evelyn Regner, MEP (German): “Governments of all countries must join in fight against tax evasion. Tax evasion and tax avoidance break our society.”

SOT, Radek Sikorski, Member of European Parliament: “We need the money but we need to restore the moral basis of capitalism.”

#EuropeanCommission #EC #PaoloGentiloni #PanamaPapersLeak

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