background image
European Parliament Notes Discussion on Tax Avoidance Including Need for Public CbC Reporting — Orbitax Tax News & Alerts

The European Parliament has issued a release on 11 March 2021 regarding recent discussions regarding tax avoidance, including the need for public Country-by-Country reporting.


OpenLux revelations: MEPs discuss tax avoidance with Commission and Council

MEPs discussed the OpenLux investigations stressing the need for enforcement of existing rules and calling for new ones like that on country-by-country reporting to be introduced urgently.

The discussion, which took place in plenary on Wednesday evening with Commissioner Gentiloni and the Council Presidency, comes in the wake of the latest journalist investigation which revealed the extent to which Luxembourg's financial ecosystem is generating tax avoidance across Europe.

MEPs expressed their frustration at once again needing to debate the scandalous loss of tax revenues, especially at a time when the pandemic is requiring so much from treasuries.

Some MEPs said that legislation that has been held back by member states for many years, such as that on public country-by-country reporting, cannot be delayed any further. Nevertheless a number of them also pointed out that the solution lies not only with enacting new legislation but also ensuring that rules which already exist are properly enforced.

Reacting to MEPs comments, Commissioner Gentiloni announced that a revision to the anti-tax avoidance directive would soon be published whereas the Council Presidency that decisions made on countries being screened as part of the EU's tax haven list would be published online.

You can watch the opening Commission and Council statements here, and the ensuing debate here.