“Public finances are under severe stress and we cannot afford to lose billions of Euros per year to aggressive tax planning and tax avoidance. It is high time to end aggressive tax planning and

to make sure that big tech companies pay their fair share of taxes. In a globalised world, this is the kind of issue that cannot be solved on Member State or European level anymore. Therefore, getting an international agreement is crucial. An international tax deal has the potential to plug some gaping holes in the international tax system. The G7 Finance Ministers must take the initiative to get an international deal done. An ambitious G7 position would help get an OECD deal over the finishing line”, said Markus Ferber MEP and EPP Group Spokesman on Economic Affairs ahead of the meeting of the G7 Finance Ministers this weekend.

“I look forward to the G7 Finance Ministers meeting with high expectations. We need concrete steps towards an international agreement on digital taxation. Big tech companies must pay their fair share of taxes where they generate their profits. Tax fraud and evasion or aggressive tax planning are global threats to our national budgets and economies. That is why we need a common and global approach. A minimum effective tax rate is on the table and any solution must be balanced: on the one hand, we have to stand for loyal tax competition and combat tax havens; and on the other hand, we have to preserve European companies’ competitiveness. Let’s hope this meeting can help reach this necessary agreement”, said Lídia Periera MEP, EPP Group Spokeswoman in the Subcommittee on Tax Matters. Photo by G7 organization, Wikimedia commons.