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| Anti-tax evasion measures approved by EU finance ministers | |
| (about 2 hours later) | |
| EU finance ministers have approved a series of measures to tackle tax-evading methods that were exposed by the Panama Papers. | |
| Speaking on the second day of talks in Amsterdam, Jeroen Dijsselbloem, the finance minister of the Netherlands, which holds the EU’s rotating presidency, said: “The sense of urgency is definitely much bigger. | Speaking on the second day of talks in Amsterdam, Jeroen Dijsselbloem, the finance minister of the Netherlands, which holds the EU’s rotating presidency, said: “The sense of urgency is definitely much bigger. |
| Related: The Panama Papers prove we need to act together on tax avoidance | Kelly O'Dwyer | |
| “We’ve been [so] very busy competing with each other ... that big companies tend not to pay taxes.” | “We’ve been [so] very busy competing with each other ... that big companies tend not to pay taxes.” |
| The 28 EU member states are “very committed to close the gaps,” added Dijsselbloem, the president of the Eurogroup of eurozone finance ministers. | The 28 EU member states are “very committed to close the gaps,” added Dijsselbloem, the president of the Eurogroup of eurozone finance ministers. |
| Among the measures, the EU will propose a joint list of tax havens to expose jurisdictions used by European individuals and companies to evade or minimise tax. | Among the measures, the EU will propose a joint list of tax havens to expose jurisdictions used by European individuals and companies to evade or minimise tax. |
| Pierre Moscovici, the European economic affairs commissioner, said: “There is unanimous support that Europe create its own list of tax havens by this summer.” | Pierre Moscovici, the European economic affairs commissioner, said: “There is unanimous support that Europe create its own list of tax havens by this summer.” |
| EU countries already have individual lists based on differing criteria, which could make drawing up a unified register difficult. | EU countries already have individual lists based on differing criteria, which could make drawing up a unified register difficult. |
| The ministers also supported a proposal to automatically exchange data in order to expose the real owners of shell companies. | The ministers also supported a proposal to automatically exchange data in order to expose the real owners of shell companies. |
| Britain, France, Germany, Italy and Spain unveiled the measure at the G20 talks in Washington DC earlier this month. | Britain, France, Germany, Italy and Spain unveiled the measure at the G20 talks in Washington DC earlier this month. |
| The French finance minister, Michel Sapin, said “there is an assumed and converging willingness to fight any anonymous mechanisms” that aid tax evasion and money laundering. | The French finance minister, Michel Sapin, said “there is an assumed and converging willingness to fight any anonymous mechanisms” that aid tax evasion and money laundering. |
| EU member states will begin talks next week on new rules requiring big companies operating in Europe to make public what they earn in each country, Dijsselbloem said. | EU member states will begin talks next week on new rules requiring big companies operating in Europe to make public what they earn in each country, Dijsselbloem said. |
| Country-by-country reporting has long been a key demand of tax activists, who accuse big corporations of secretly shifting profits to low-tax jurisdictions, often through the use of shell companies. | Country-by-country reporting has long been a key demand of tax activists, who accuse big corporations of secretly shifting profits to low-tax jurisdictions, often through the use of shell companies. |
| EU governments are divided on the proposal, with some arguing that sensitive corporate data should remain exclusive to tax authorities and not be made public. | EU governments are divided on the proposal, with some arguing that sensitive corporate data should remain exclusive to tax authorities and not be made public. |
| Austria’s finance minister, Hans Jörg Schelling, said: “I think we should not overshoot in tackling these things out of the hysteria on Panama.” | Austria’s finance minister, Hans Jörg Schelling, said: “I think we should not overshoot in tackling these things out of the hysteria on Panama.” |