Saturday, March 27, 2010

EU adopts tax haven resolution

The European Parliament has adopted a resolution, with this language on illicit flows and tax havens:

Combating tax havens and illicit capital flows

MEPs warn that "the negative impact of tax havens may be an insurmountable hindrance to economic development in poor countries", because it undermines national tax systems and increases the cost of taxation.

Tax fraud in developing countries leads to an annual loss of tax revenue corresponding to 10 times the amount of development aid from developed countries, the report underlines.
MEPs therefore call for "a new binding, global financial agreement which forces transnational corporations, including their various subsidiaries, to automatically disclose the profits made and the taxes paid on a country-by-country basis, so as to ensure transparency about sales, profits and taxes."

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