Has been working for two years on similar measures with limited success consensus for maines a challenge especially among members with low tax rates of their own i spoke to moscow v. C. Asking him how he would define a tax haven. Joining me now is the man him self a use commissioner for economic and Financial Affairs Pia Moscovici good evening thank you very much for coming in youve said that the e. U. Must seize the opportunity to make a credible blacklist of tax havens what counts as a tax haven. Attacks even is a country which feels free criteria first country which does not respect the Global Standards of governance of the set in what we call beds procedure from the us you second a country would not have Automatic Exchange of information on reading or all simply on the personal accounts and third country which as zero tax rate as far as corporate taxation is concerned about zero tax rate is a very high above the low and some would look to a you member at least for the moment no written as being dont know now you know member state is a tax even if you look at those criteria then youve got to examine that as. An object before because you know the British Crown dependency with a zero percent youre talking about Something Different im talking about you if you talk about the u. K. Country you know well the u. K. Is not a tax even and the country on the contrary is very prominent actually fighting dogs for the tax evasion but there are some crown dependencies all the territories which are to see to do the crown or to the u. K. Which are screen that will take another example that drizzy which is the isle of man i have designed. For your show for jazz the way it is taxed to be out of man and i expect responses and if the responses are not satisfactory then we will have an estrangement procedure and this i dont it is also cream and taking the easy route be a good thing because because really. The u. K. Sounds like a fun geez sounds like an excuse in order to not be tough with mistakes like britain imo although not point five percent tax rate is i dont really love dont be upset with u. K. I learned as a country was a low tax rate but there is suffering on tax rates but its not zero its twelve point five and when its not respected which was the case with upul then we consider that it is a state thats what my colleague not really decided so coming back to the blacklist if weve got those criteria and they are severe enough much more severe than the o. E. C. D. Quote syria. I have three messages first it must be delivered fast we must have this block list before the end of two thousand and seventeen it will be the First Time Ever that we have a european bell got his second we need to have a credible blacklist of a credible blacklist as more obviously than one territory or noncorporeal jurisdictions all countries which are. Following bush for two years considered tax even must be listed and third you cannot have a credible list if you dont have credible sanctions appropriate sanctions and thats what were working on yesterday that was the council in brussels we made Good Progress i think that with the paper scandal the ministers the governments few of that they need to deliver the commission is there push them to deliver the Public Opinion is there to push them to deliver the media here to what was a deliberate of them coming out in the midst of the Commission President drunk or younger has been remarkably quiet over the last few days and i put it to you that the commission has zero credibility to handle this issue of tax avoidance because after all he the Commission President is accused of encouraging tax avoidance when there was a Prime Minister of medicine that absolutely force this commission has done more on fighting back through the tax evasion than all the commissions in the previous twenty years you know if you employ you dont think you have waited minutes its not due to the fact that this or that person ids here due to the fact that we are in the new when the new area new period which is a period of transparency i have proposed that i am the tax commissioner and ive got full trust of drunken younger i act in these names i have proposed eleven proposals directives among them six been adopted which is not that easy if you consider what is the rule of unanimity inside you we have the best treating ever for a commission chose to commissioners my colleague not going to and myself who are really i think a team which is dedicated to take to of massive tax avoidance you know you can all say that in two thousand and three he encouraged the amazon to put its tax base in luxembourg im talking about the president of the commission. And dr you are president of the commission and this commission we are i can say that quietly but very confident keep the champions of fighting tax fraud and tax evasion we talked about this is a Commission Proposal i will mention two other proposals the one is the first one is is that i think that the activity of those intermediaries legal advisers. Fiscal advisors or banks it must be made transparent to the next administration and this one is that we have already established a country by country reporting this is one of the six directives i mentioned but between tax administrations i would like it to become public i think there is no a position between investment which we want to protect the event you want to look around and say yes because transparency if you want to see is the only way to tackle with those phenomena if we can reach our goal but when you are addressing it when youre looking for how will this affect the average person in europe who is watching this right now if you do manage to get what you want and close these tax loopholes and blacklist these tax havens i think that what we are attending now with those parties papers which is a scandal but probably those practices are mostly legal but they are not moral this cannot be possible why because it exists only because it is even and certainly it is revealed if it is transparent if it is public it is not possible anymore you know all those people all those structures all those companies all those states which today named and shamed after the paper if their activity would be immediately made public then they would be much much more careful thats why transparency is the massive destruction weapon against tax evasion against tax aggressive tax planning. And thats why this commission is so so strong on transport the you could commission right and you mentioned the threat to the potential threat of sanctions what are we talking about here are we talking about fines directly for a few who try and squirrel away their money in tax havens are we all its ok because unless theres a significant legal threat theyre going to continue to say tax avoidance is a misdemeanor were not talking about firms were talking about states when you have a blacklist of tax even you are talking about the states or territories weve mentioned some of them getting to the ground of their own those states will be which will be used to denote that we will have a very. Strong list strong by pleased the sanctions must be linked to our own capacity to their own linkage with the union i would mention for example a well create deals or multilateral or Bilateral Agreements that we have got with them that can be suspended but the best thing should the strongest action is name and shame ok believe me nobody nobody would like to be there that was e. U. Commissioner Pierre Moscovici talking to me. Twitter is doubling its limit of one hundred forty characters per tweet to two hundred eighty donald trump must be thrilled and many investors really are they think more characters means more money all rather any money because so far twitter has struggled to make a profit jack dorsey c. E. O. Of twitter tweeted a statement reminiscent of Neil Armstrongs famous moon landing quote dorsey wrote its a small change but a big move for us doubling the link of tweets really is the biggest change in the companys history twitter went public in late two thousand and thirteen back then analysts hoped twitter would be another facebook but in contrast to Facebook Twitter has never found Firm Financial footing. The result since its i. P. O. In late two thousand and thirteen twitter shares have fallen from forty six us dollars at the debut to around twenty dollars now the problem the number of people who log on to twitter was flat for years in the u. S. So far the company has dealt with that problem by ringing more revenue out of the same number of people by selling better targeted ads but since this summer the number of people logging on has decreased in the u. S. And other markets twitter hopes that expanding its character count will attract more users to the service but twitters new strategy can be explained in less than the original one hundred forty characters more words more users more money. And its time for us to. Wraps up another Business Update but speaking of twitter you can check out business on that too you can also catch me on twitter at winter because ill be taking full advantage of that new card to limit ill be back with more tomorrow same time same place for me on the Business Team and thanks for watching. United against climate change. The challenges for the twenty third u. N. Climate conference in bonn. Our nations working to meet their Paris Agreement targets cop twenty three this weekend next on the doubling news. Every journey begins with the first step and every language in the first word i looked in the nico hes in germany to learn german but. With his us why not and with. Its simple long line on your old mile and for a. Soft. D w z e learning course he goes weak german made easy. Welcome to quadriga. Art there is music are you ready for this loophole huge visionary and she womens talk long w. The smart women. Smart told us that we broke the record. Smart state fans cheer the most in the next report youll find out just how this what about the. D w four minds. Climate change. Waste. Pollution. Isnt it time for good news eco africa people and projects that are changing our lives are meant for the better its up to us to make a difference lets inspire each other. We can let it go farming magazine. D w
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