22/03/2012 Social Affairs, Health and Sustainable Development
With the report of Dirk Van der Maelen (Belgium, SOC) on promoting an appropriate policy on tax havens, the Committee on Social Affairs, Health and Sustainable Development expresses its concern about the extent of the offshore financial system involving tax havens and its impact on public finances, stability of financial markets and society at large. According to the “Tax Justice Network”, 20 Council of Europe member states and ten jurisdictions with close ties with them are among some 70 countries worldwide with the highest financial secrecy index.
“Massive tax cheating by individuals and enterprises through tax havens and offshore financial centres translates into additional tax burden on those who do pay, strained public finances and reduced public spending on essential services and infrastructure investment,” Mr. Van der Maelen stressed.
In a draft resolution adopted today, the Committee points out that Europe should lead by example and press forward with action against fiscal bank secrecy, predatory tax practices, tax avoidance and evasion, as well as regulatory dumping not only on its soil, but also among its trading partners across the globe. The report will be debated at the PACE April session.