The S&D Group is calling for the establishment of a temporary special committee in the European Parliament to address and draw conclusions from the new leaks known as the Paradise Papers. They are also proposing to set up a permanent structure in the European Parliament to monitor the implementation of regulations and follow up on previous recommendations in tax policy after the European elections in 2019.
In a joint statement, S&D Group President Gianni Pittella and S&D Group Vice Presidents Udo Bullmann and Jeppe Kofod, who is also co-rapporteur of the Parliament’s report into the Panama Papers, said:
“The latest revelations on how big businesses and the global elite hide their money on offshore islands to avoid paying tax are shocking. Although the revelations are not a complete surprise, it highlights again just how big the scale of tax dodging is. We have no doubt that many new revelations will come out in the coming days and weeks.
“Following the LuxLeaks and Panama Paper scandals, the European Parliament has been putting pressure on national governments to finally close down tax loopholes in Europe. We have done this through three special committees (TAXE 1, TAXE 2 and the Panama Papers Inquiry Committee). Although we have made progress, clearly there is a lot still to be done. We want increased tax transparency. Big companies must report where they make their money and this information must be made available to the public. We also want transparency on who are actually owns the assets – no more hiding trusts or shell companies. We want a black list of tax havens with sanctions for those on it and stronger controls over those who advise tax evaders.
“After 18 months, the Panama Paper Committee’s work will end in December this year. These new leaks show that the work to crack down on tax dodging must continue. We are calling for the creation of a new special committee. However, we must also go further to deal with the scope of the problem of tax avoidance. We want to see a new permanent structure in the economic and monetary affairs committee to monitor the progress made in the implementation of new tax measures. Only with this, will the European Parliament remain at the forefront of the fight for tax justice.”
