Šemeta said: "Why is fair tax competition so important? To put it simply, our social and economic model relies on it. Fair tax competition is essential to preserve the integrity of our Single Market. The four freedoms which underpin the Single Market do not include the 'Freedom to do what you like, at the expense of your neighbour'. An effective Single Market is one based on solidarity and trust.
"Fair tax competition is crucial for the fiscal sustainability of our Member States. Each Member State must be able to collect the revenues that it is due, particularly in an increasingly mobile and intangible economy.
"Finally, fair tax competition is vital to protect undistorted competition amongst businesses. Smaller and less 'well-advised' companies should not be at a disadvantage compared to their tax-avoiding competitors. The Commission is using every tool at its disposal to ensure fair tax competition: tax law, competition law and non-legislative instruments.
"Only with fair and competitive tax systems will we retain our European social model, ensure undistorted business competition in the Single Market, and secure the acceptance of our citizens for our broader policies."
Full speech
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