ECONOMY FINANCE&BANKING

Romania joins declaration on Panama Papers initiated by France, Germany, Spain, Italy and UK

Romania has rallied to the declaration made by France, Germany, Spain, Italy and United Kingdom on the exchange of information concerning the shareholders of companies, trust companies or other entities relevant for fiscal authorities and other institutions involved in the Panama Papers, at the ECOFIN meeting that took place at the end of last week in Amsterdam.

“We were the first state that joined the G5 initiative, which represents a useful instrument in enhancing transparency and combating tax evasion. We considered that the coordination of actions taken by the fiscal authorities of all member states is necessary in order to analyse and put to good use the data concerning the transactions that physical and juridical persons from the European Union carried out with offshore jurisdictions. The automatic information exchange mechanism already existing at European level can be used for all data that can result from the analysis of the Panama case,” Public Finance Minister Anca Dragu stated.

All member states rallied to the five countries’ declaration at the ECOFIN meeting, the communiqué informs.

At the same time, against the backdrop of the talks on the Stability and Growth Pact, Romania emphasised the need to make sure that the rule simplification process offers the balance between stability, predictability and flexibility and takes into account the member states’ employment and economic growth needs, the communiqué adds.

“We support some member states’ initiative to harmonise the timeframe of the Commission’s forecasts with that of the member states’ forecasts, namely from 2 to 4 years,” Anca Dragu pointed out. According to the communiqué, the European Commission will analyse the initiative at technical level in the upcoming period.

 

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