UKIP, a party that is concerned about a misleading £350 million a week, have done little to address the £300 million plus that is lost through tax avoidance every week in the UK alone.
The commission has put forward a proposal that would mean companies have to declare where in the 28 EU countries they pay tax. By forcing big companies to declare where they pay tax we can work with other countries to close loopholes and ensure these companies are paying their fair share. The Parliament is also calling for an EU-wide black list of tax-havens and clear-cut sanctions that can be made. We are targeting banks, companies and tax advisers who benefit from illicit tax constructions, moving to revoke business licences and holding them directly financially liable. We are still living through the damage caused by secretive financial activity, so greater transparency is needed in all areas of finance and banking.
It is difficult to believe that the Tories have the audacity to justify cutting so many critical services while failing to take action on tax-avoidance that takes billions away from hard-working citizens. I have said it before and I will say it again, this isn’t fair and it isn’t right. That’s why Labour MEPs have been leading the charge on this issue in the Parliament.
Tory MEPs had voted against these measures multiple times in the past but it’s a welcome sign that, despite their many objections, they have started to see sense. It is worrying that UKIP – who twist figures on how much money is spent in the EU – are less concerned about the 16 billion pounds that is lost through tax avoidance each year.
Tax avoidance isn’t a problem that is unique to the UK alone, and we must continue working with other countries so that we can come up with solutions – isolating ourselves from the rest of Europe will make us weaker in taking on this challenge.
It is also time to think about how we will navigate through this period of transition. MEPs are likely continue to work until article 50 has been invoked and for up to 2 years after that. We will therefore continue to make sure we get the best deal for British people and the West Midlands.
Taken from Neena Gill‘s summer newsletter (check your inbox!). Neena is one of two Labour MEPs for the West Midlands.