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Wednesday, 24 March 2021 - Brussels Provisional edition

General framework for securitisation and specific framework for simple, transparent and standardised securitisation to help the recovery from the COVID-19 crisis – Amending Regulation (EU) No 575/2013 as regards adjustments to the securitisation framework to support the economic recovery in response to the COVID-19 crisis (debate)

  Paul Tang (S&D). – Madam President, the big tech companies see their profits skyrocket because of the pandemic, and then compare that to the small-business owner who is struggling to survive because of the pandemic. When he or she finds out that the big techs hardly pay any taxes, what do you think the reaction will be? So the Council doesn’t just need to discuss how to deal with a pandemic but also how to recover from it.

As Chair of the Subcommittee on Tax Matters (FISC), I am proud that yesterday the first own-initiative FISC report on digital taxation was adopted in the Committee on Economic and Monetary Affairs with an overwhelming majority and with a very clear message to the Council. A European digital levy should contribute to the OECD solution, preferably fall on profits and raise substantial revenue – also to pay for the expenditure of the Recovery Fund.

It’s up to the Council to let digitalised multinationals pay their fair share and contribute to the recovery after the pandemic, so that not just small-business owners and the other taxpayers will pay the price of the pandemic.

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