Cameron To Appeal To EU Summit For Action On Tax Avoidance

Prime Minister David Cameron is about to ask other EU leaders to consider joining him in the fight against tax avoidance.

This idea came to him because of the rising dissatisfaction in the UK against such companies as Google, Amazon and Starbucks that do not pay as much tax as they have to, as shown in some corporate documents.

This is one of the things recently added to the agenda not only of the UK but also of Germany and France.

According to the latest researches EU loses about 1 TRILLION euros every year because of tax evasion and avoidance and of cource some speculations with the legal documents.

This is why the PM has decided to make all EU members work together and share information with each other so that everybody knows which organizations do pay taxes and which do not.

Before the summit the PM sent to all EU leaders a letter suggesting a “multilateral automatic information exchange” on the taxes each country gathers. The UK, Italy, France, Germany and Spain already try to cooperate in the proposed way.

The declaration in support of a global tax reporting system has already been signed by the finance ministers of 17 EU countries.

Unfortunately there are still 11 nations who have not taken this step so there are fears these may try to

set up their own systems, aside from the one proposed for the whole EU.

Those who oppose the idea of more open tax reporting are Luxemburg and Austria. This is because of the fact they prefer secrecy regarding banking matters.

Last night MEPs voted in Strasbourg on some plans the aim of which is to stamp out tax avoidance.

“According to HMRC figures, in the UK alone £9 billion is lost every year which could pay for the construction of more than 600 new schools or over 50 new hospitals or pay the annual salaries of over 330,000 police officers” said Labour MEP Arlene McCarthy.”

 

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