After Pandora Papers, EU says it plans fresh rules against tax avoidance By Reuters

After Pandora Papers, EU says it plans new rules against tax avoidance© Reuters. FILE PHOTO: European Commissioner for Financial system Paolo Gentiloni speaks all by a media convention in relation to industry taxation in the 21st century at EU headquarters in Brussels, Belgium Can even 18, 2021. Virginia Mayo/Pool by REUTERS

BRUSSELS (Reuters) – The European Commission will present by the tip of the yr fresh legislative proposals to kind out tax avoidance and tax evasion, the EU tax commissioner Paolo Gentiloni suggested the European Parliament on Wednesday.

The tax dialogue on the plenary session of the EU parliament modified into as soon as added to the agenda after reports this week on a big leak of tax files, known collectively because the “Pandora (OTC:) Papers”, which showed how the rich and extremely effective proceed to systematically employ offshore corporations to lower their tax payments.

Though tax optimisation doesn’t necessarily maintain illicit activities, low taxes paid by the rich by the abet of tax advisers is increasingly questioned, especially because the enviornment tries to emerge from the financial disaster brought on by the COVID-19 pandemic.

Gentiloni suggested lawmakers that the Commission would proceed its fight against tax evasion and avoidance and could well moreover unexcited point out fresh rules to fabricate bigger the certainty that desires to be automatically exchanged amongst national tax authorities.

He also said the Commission would present proposals by the tip of the yr “to kind out the misuse of shell corporations for tax functions”. He did now not give particulars about this proposal, which has long been integrated in a preliminary agenda of the Commission, with e-newsletter pencilled in for Dec. 22.

Gentiloni also said the EU executive would point out fresh rules “on the e-newsletter of effective tax rates paid by some multinationals”.

According to lawmakers criticising the EU for having shortened to factual 9 jurisdictions the bloc’s blacklist of tax havens, factual days after the Pandora Papers, Gentiloni said the list had carried out outcomes but added that there could be a necessity to compare standards for itemizing.

In the intervening time, the standards allow the exclusion of in relation to all major tax havens, including inner the EU.

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