European lawmakers have called for an inquiry into a multibillion tax scam that has affected at least 11 EU countries, among them Poland.
The European Parliament on Thursday urged “rule changes and stronger tax authorities” and called on the EU’s European Securities and Markets Authority and the European Banking Authority to investigate “the schemes at the root” of the so-called cum-ex tax fraud, according to the europarl.europa.eu website.
Such an inquiry is needed to “assess potential threats to financial markets, establish the actors involved in these schemes, evaluate if there were breaches of national or EU law, and examine the actions taken by national supervisors,” according to the European Parliament.
The probe should also identify failings in “the coordination across the member states which allowed these tax theft schemes to continue for years, despite having been identified,” MEPs said.
Finally, the inquiry is expected to present recommendations for reform and for action.
The cum-ex tax fraud was uncovered by a team of investigative journalists in 2012 and has affected at least 11 EU member states, including Poland, costing taxpayers up to EUR 55 billion, the European Parliament said.
The fraud revolved around a share-trading scheme that exposed authorities to fraudulent claims for tax refunds from foreigners.