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Small advances for tax transparency mustn’t lead to inertia #TaxJustice

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Press Release

Thursday 12 May 2016

Dublin MEP, Nessa Childers, signalled her support for EU rules to curb aggressive tax planning at a vote in the European Parliament, but stated that they still leave much to be desired.
Speaking from Strasbourg today, Ms. Childers welcomed new legislation requiring multinationals with a yearly turnover above €750 million to report information about business figures and taxes, on a country by country basis, to the authorities of all EU countries they operate in.
Ms. Childers said:
“While this is a well overdue improvement in our tax authorities’ ability to keep track of the profits made by big business and tax them where they are made, the net being cast has such a wide mesh that 9 out of 10 of the big corporate fish escape through it.
“My political group wanted to see a much lower threshold of €40 million for multinationals with over 250 employees.
“These are not small undertakings that need protection from what is not an unreasonable administrative burden, by any stretch of the imagination.
“What is also stretched to the limit is the patience of our citizens, who cannot avail of tailor made, cushy tax deals, and who suffer from the loss in revenue, the lifeblood of public services.
“It was beyond regrettable to see these rules watered down by governments, now with the seal of approval of Fine Gael’s group in Parliament, who reversed their own stronger position of just a year ago, incredibly against the backdrop of the recent Panama Papers leak.”
“For the future, we must focus on having this sort of information made available in the public interest, and the thresholds dramatically reduced in line with the dimensions of multinational companies.”
ENDS