EU calls for greater ambition in struggle against harmful tax competition
Good stuff, and we hope to see progress this year towards the creation of a common basis for taxing multinational corporations in Europe (the clumsily named Common Consolidated Corporate Tax Base), which would eliminate the wild different tax bases across the 27 member states. Not surprisingly, this step finds favour within the corporate community and progressives also see this as a step towards reducing harmful tax expenditures by EU countries competing for investment by offering fiscal subsidies.
In the context of the sustained fiscal crisis affecting Greece, Ireland, Italy and Portugal (all victims of endemic tax cheating), Šemeta also spoke about the need to strengthen the fight against fraud and evasion: "The EU agreed last year that bank secrecy will no longer be a reason to refuse cross-border cooperation. A dynamic approach on multilateral automatic exchange of information has now been launched." That's more like it. The OECD's feeble 'on request' model must be set aside, and automatic information exchange accepted as the effective global standard, not just for EU member states, but for countries across the world.
You can read more of Šemeta's statement here.