Brian Hayes MEP has today called on law firm Mossack Fonseca to testify before the European Parliament following the shocking revelations about offshore financial activity.
“These revelations demonstrate an organised web of financial secrecy which should not be tolerated. Companies and wealthy individuals should pay their fair share of tax. We have serious problems if firms like Mossack Fonseca are allowed to use special business structures to hide certain financial activity. This is a global problem which affects all countries, including Ireland, and accounts for huge amounts in lost revenue.
“Much of this activity may be legal but it is not right. Legislators should take action on this. Along with other EPP MEPs, I am calling on Mossack Fonseca to testify before the European Parliament’s Special Tax Committee. This Committee was set up in the wake of the Lux Leaks scandal and it has heard from the world’s biggest corporations such as Apple, Facebook and McDonalds.
“Mossack Fonseca is at the heart of possibly the biggest tax evasion scandal in history. They need to come to the Parliament’s Tax Committee and explain their activities. Much more of the documentation is still to be published but legislators need to take quick action on this.
“I raised this issue with Commissioner for Competition Margrethe Vestager at a public hearing in the Tax Committee yesterday. She confirmed to me that the Commission will now review the documentation to see what further investigation may follow.”