Panama papers: The reality becomes evident


The disclosure of the offshore operations in Panamà, give evidences to what is already known, that the biggest fortunes avoid paying taxes using tax heavens.

It’s shameful that the European Union and its member states pledge for austerity while those who should contribute more to the nationals and EU budgets are avoiding taxes – sometimes even promoted by Mr. Juncker himself. If the Commission and its president remain inactive in this scandal, they will become accomplices of this criminal behavior.

According to the European Council’s president, Herman van Rompuy, the EU has lost one trillion a year in public revenues due to tax evasion and tax fraud. This loss of tax revenues is equivalent to the entire annual economic output of Spain, and far exceeds a total of about 400 billion euros committed to bailouts of euro zone members Greece, Ireland, Portugal and Cyprus in coming years. This means that without tax heaven and tax frauds we would be able to pay back the debt, invest in our economies and boost our welfare states instead of imposing harsh cuts to the poorest.

This scandal, which may include possible money laundering coming from political corruption or drug trafficking, needs to be fully investigated, including the disclosure of the documents. Positive steps must be taken towards a tax heaven-free world. Now that the evidence is out in the open, EFAy calls upon the European Commission to step in the debate and investigate and to lead the transition towards a better financial control of world’s fortunes.

Another Europe is possible.

Another Europe is necessary.