The European Parliament today presented a resolution with its proposals for European policy reform, which deals with harmful tax practices, as well as a system for evaluating national policies.
The spread of tax scandals over the last decade (Lux Leaks, Panama Papers, Paradise Papers, Pandora Papers) involving multinational corporations and wealthy individuals has revealed the need to modernize European legislation in order to find final solutions to harmful tax schemes .
“Given the great tax competition between countries, which is constantly evolving in innovative ways, both within the EU and internationally, MEPs state in their resolution that” “the EU must rethink and intensify its efforts to “Fight tax practices that deprive Member States of substantial revenue, lead to unfair competition and undermine public confidence,” the resolution said.
In its resolution, drafted by Oror Lalik (Socialists, France), Parliament states that “while tax competition between countries is not in itself problematic, the way in which countries use their tax regimes and policies to attract businesses and profits should to be governed by principles ”.
Oversight in this area is insufficient, MEPs say, because policies and legislation have not kept pace with the new tax rates that have emerged in the last 20 years.
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