Panama Papers: Commissioner Pierre Moscovici outraged and furious
Economy 7 April 2016“This week’s revelations leave me outraged and furious,” said Pierre Moscovici, Commissioner for Economic and Monetary Affairs while announcing today the adoption of a VAT Action Plan by the European Union.
Nevertheless, he welcomed this political momentum as an opportunity to take further action as European Institution. Therefore, the Commission will not hesitate to act in case leaks revealed any loopholes or infraction of the EU legislation.
The Commissioner called for a strong collaboration with the European Parliament and Member States in order to get greater tax transparency both inside the EU and abroad. Since fraud thrives in opaque legal system, the EU must continue boosting tax transparency within the EU, as well as with non-EU jurisdictions, so to remain at the forefront of global tax transparency. “We will not relent in putting pressure on the rest of the world to show the same level of ambition.”
Thus, he has strongly urged Panama to rethink its position in regard of entering a contrsctive dialogue with the European Union, even if “the phenomenon is much wider than Panama.”
“Non-cooperative jurisdictions are tax heavens,” Moscovici said “We have to list them through a common EU ‘black list’, and be ready to hit them with appropriate sanctions if they refuse to change.”
For more information on the Panama Papers scandals, click here.
