PES welcomes European action on tax transparency
The PES welcomes the proposals from Commissioner Moscovici, a member of the PES political family to address the issue of tax evasion and tax fraud. It requires companies with annual income of more than 750 million to comply with the new proposal on a public Country by Country Reporting. An estimated 6,000 multinationals active in the EU would need to disclose publicly their tax-related information. This proposal is a good base from which we can start to ensure that tax cannot be avoided.
Sergei Stanishev, PES President, reacted:
“Tax avoidance is not always illegal, but it is always immoral. We need bold action to fight this global issue, close the loopholes and introduce sanctions to make sure that we put a stop to it.
Promoting country by country reporting is an essential step forward towards achieving tax transparency, and ensuring that taxes are paid where the profit is generated.”