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

Bowles: EU must get tough on tax

Sharon Bowles MEPAhead of tomorrow’s EU Summit in Brussels, the European Parliament has backed a common European strategy to combat tax fraud, evasion and havens.

UK Liberal Democrat MEP Sharon Bowles, who chairs the European Parliament’s Economic and Monetary Affairs Committee, said:

It is totally unacceptable that corporate tax avoidance is now the norm in Europe, aided and abetted by aggressive tax planning and tax consultancy firms.

“I have been fighting for companies to pay their fair share in tax for many years now and this can only be achieved by much more transparency in how companies prepare their accounts and with much better European and international cooperation. Continue reading

Lib Dem MEPs pave way for tough new rules on corporate transparency

Large oil, gas, diamond and logging companies will be obliged to disclose full information on all projects where payments to governmental authorities exceed a threshold of 100.000 Euros under new rules negotiated between MEPs and ministers from all 27 EU Member States last night.

The Leader of the Liberal Democrat delegation in the European Parliament, Fiona Hall MEP, who steered the legislation through the Development Committee and was a key MEP for the insertion of the county-by-country and project-by-project rule, commented: Continue reading