Europe should use G8 to push clampdown on tax evasion

17/06/2013 - 5:01pm

The President of the European Commission has said that the G8 should take the lead in combatting global tax evasion.

Speaking before the meeting of the world’s largest economies gets underway in Lough Erne in Northern Ireland, Jose Manuel Barros told journalists that the Eu was “the driving force” behind a renewed push for a clampdown on tax evasion.

The issue continues to split G8 members –a s well as EU member states – including current G8 chair, the United Kingdom, who want a more globally-led  focus against  big business tax evasion and the use of offshore tax havens.

“I hope that bank secrecy and tax evasion will be seen as a thing of the past” for both companies and individuals, he said at a joint press conference with the President of the European Council, Herman van Rompuy on 17 June.

Referring to a recent deal with tax havens within European territory, such as Andorra, Lichtenstein and Monaco, he said that Europe would eradicate its “white spots” on tax before 2015.

“We are convinced that there is a need to improve tax governance everywhere. This G8 summit should foster a unity of purpose at the global level. We will fully support the work of the G8 UK Presidency, the OECD and the G20 in this regard,” he said.

Barros said that this summit should ultimately be “about fairness in the way taxes are paid by individuals and by companies. Tax evasion and avoidance costs EU member states around €1 trillion every year. The global bill, he said, is higher. “I expect this G8 Summit to give a powerful signal that we are ready to look for those who do not respect the rules of the game and hold them accountable.”   europe on line