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Today’s Top Headlines

Moscovici: EU Spearheading Tax 'Revolution'

by Ulrika Lomas,, Brussels

16 November 2016

Tax Commissioner Pierre Moscovici says the European Commission has achieved something of a "tax transparency revolution" in its fight against tax avoidance and evasion.

Moscovici this week gave the keynote speech at the 2016 Summit on the Future of Europe at Harvard University. He told the event that the Commission has been emboldened by the events surrounding the Luxleaks, Panama Papers, and Bahamas Leaks, and is now making EU member states "face up to their responsibilities."

Looking forward, he said: "Banking secrecy will soon disappear in Europe and companies will no longer be able to play with borders to get away with paying little or no tax. In addition, the Commission is planning to publish a 'black list' of tax havens, as 'naming and shaming' is [a] powerful tool – one we must stand ready to use."

Moscovici added that the EU "must integrate issues of stronger tax governance into its negotiations with non-cooperative territories."

TAGS: compliance | tax | European Commission | tax compliance | Bahamas | Luxembourg | multinationals | European Union (EU) | Panama | Europe | Banking | Tax | Tax Evasion

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