MEPs discussed the OpenLux investigations stressing the need for enforcement of existing rules and calling for new ones like that on country-by-country reporting to be introduced urgently.
The discussion, which took place in plenary on Wednesday evening with Commissioner Gentiloni and the Council Presidency, comes in the wake of the latest journalist investigation which revealed the extent to which Luxembourg’s financial ecosystem is generating tax avoidance across Europe.
MEPs expressed their frustration at once again needing to debate the scandalous loss of tax revenues, especially at a time when the pandemic is requiring so much from treasuries.
Some MEPs said that legislation that has been held back by member states for many years, such as that on public country-by-country reporting, cannot be delayed any further. Nevertheless a number of them also pointed out that the solution lies not only with enacting new legislation but also ensuring that rules which already exist are properly enforced.
Reacting to MEPs comments, Commissioner Gentiloni announced that a revision to the anti-tax avoidance directive would soon be published whereas the Council Presidency that decisions made on countries being screened as part of the EU’s tax haven list would be published online.