Bowles backs EU proposal to close corporate tax loophole

Sharon Bowles MEPChair of the European Parliament’s Economic and Monetary Affairs Committee and Liberal Democrat MEP Sharon Bowles, has today pledged to support EU plans to close a loophole which has allowed large corporations to avoid paying their fair share of tax.

Amendments to the EU’s corporate tax legislation, proposed by Taxation Commissioner Algirdas Semeta, will introduce an anti-abuse clause which will prevent companies including Google, Amazon, Starbucks, and Apple from stockpiling their profits in countries with lower tax rates.

Ms Bowles has led calls for the introduction of country-by-country reporting in the EU to clamp down on aggressive corporate tax avoidance. Continue reading