Meeting

Pierre Gramegna, Luxembourg's finance minister, will take part in the meeting from 17.00-18.00. After that it will be the turn of the other finance ministers: Germany's Wolfgang Schäuble, France's Michel Sapin, Italy's Pier Carlo Padoan and Spain's Luis de Guindos. MEPs will ask them about their country's tax policies as well as the European Commission's proposals for EU corporate taxation rules to make them fairer and more transparent, as well as better protected against abuse and more likely to stimulate economic growth.

Background

After the Lux Leaks scandal raised attention to large multinational corporation receiving preferential tax treatment, Parliament decided to set up a special committee to look into tax rulings on 12 February 2015. Its aim is to bring about fairer and more transparent tax competition in the EU. MEPs will vote on its recommendations during the November plenary.

Commission position

According to the Commission, tax issues know no borders and can only be effectively resolved through member states working together. It also points out that EU countries are estimated to lose out on up to €1 trillion a year due to tax evasion and tax avoidance. The money is lost in various ways, including:

Tax fraud and evasion which illegally deprive public budgets of money.

Tax havens which facilitate tax evaders and avoiders by storing money offshore, often unreported and untaxed.

Aggressive tax planning by large businesses or individuals, which exploits the limits of the law with the aim of minimising taxes paid.



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