EU Parliament to debate tax and development

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The EU Parliament is to debate tax and development on 8 November.

Part four of the resolution that has been tabled says:

[The European Parliament] deplores that tax havens contribute to weakening democratic governance processes; make economic crime more profitable; encourage rent-seeking and increase the inequitable distribution of tax revenues; urges the EU to make the fight against tax havens and corruption a top priority of the agenda in international finance and development institutions;

All of which are points I made yesterday during the debate I attended in the City of London.

Tax haven promoters might deny these truths, but that does not alter the fact that truths they are.

It is also good to note that resolution 13 says:

[The European Parliament] recalls that the quality of financial reporting is crucial to combat tax evasion effectively; insists that the IASB includes within its International Financial Reporting Standard a requirement that all multinational corporations report their income and tax paid on a country-by-country basis ;

    I welcome the parliament's ongoing support for this essential reform.