"The time has come for all companies to pay their taxes where they make their profits", say S&D Euro MPs

S&D Euro MPs today call on the other political groups to follow their lead and back the Shareholders' Rights Directive next week in Strasbourg.

This new EU law, which includes a provision urging multinationals to publicly report the taxes they pay in each country they operate in, will be put to a decisive vote on 8 July.

The S&D Group today held a public seminar on corporate taxation, where a number of participants including investors, accountants and academics agreed that such country-by-country reporting would have a positive impact in the fight against tax evasion and aggressive tax planning.

S&D Euro MP Anneliese Dodds, co-rapporteur on the Parliament's legislative report on corporate taxation, said:

"All of the speakers at today's event made abundantly clear that we already have all the information we need to show that public country-by-country reporting is a good idea.

"It is good for European citizens; it is good for European countries; and it is good for European businesses themselves. 

"The Commission's own report from last year, written by PricewaterhouseCoopers, showed that country-by-country reporting not only helps tackle tax dodging, but also has a positive impact on companies' competitiveness and investments. We can't afford to wait any longer. No more delays. We need public country-by-country reporting now."

S&D Euro MP Sergio Cofferati, the European Parliament’s negotiator on the Shareholders' Rights Directive, concluded:
 
"In light of the Lux-leaks scandal, it is now more important than ever that the European institutions fight for tax transparency. Public country-by-country reporting would represent a major step forward in the fight against tax evasion and tax avoidance.

"Europe now stands a chance of creating a fairer and more transparent system. The European Parliament and the other institutions cannot miss this opportunity".