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Fast food company McDonald’s has been enjoying ‘double non-taxation’ in the United States and Luxembourg on the profits it makes in Europe, the European Commission said today.
It’s good to see the Commission continue their crackdown on tax avoidance by Europe’s largest companies, but actual reforms towards more tax transparency are needed, Oxfam said in reaction to a decision by the European Commission that declared illegal a tax deal of Luxembourg with the French company Engie.
EU Finance Ministers must ensure countries removed from the tax haven blacklist deliver significant reforms, said Oxfam today, following an announcement that the Caribbean Islands of the Bahamas, and Saint Kitts and Nevis have been taken off the list.
The European Commission has proposed legislation that recognises the rights and importance of all whistleblowers in the EU, including those reporting on tax malpractices. Oxfam welcomes the protection mechanisms that will establish safe channels for whistleblowers to report within and outside of their organisation.
Today's digital tax proposal could help bring EU tax rules into the 21st century, by updating them to the digital economy. However, the European Commission's short-term proposal will not stop tax dodging by big tech firms, and could delay the much-needed global long-term solution.
With a growing EU gray list of tax havens, the EU must make sure countries follow up on their commitments, or else blacklist them, Oxfam said.
Following the Paradise Papers revelations, the European Parliament decided today to establish a new special committee on tax fraud, tax evasion, money laundering, tax avoidance and aggressive tax planning.