Category: Andorra

Cayman commits to BEPS rules to counter EU blacklist

Also commits to country-by-country reporting Cayman has committed in principle to a project reforming the application of tax rules in cross-border business to combat the erosion of tax bases and the artificial shifting of profits to low or no-tax jurisdictions. Developed by the Organization for Economic Cooperation and Development, base...

Andorra to renounce banking secrecy as it sheds tax haven status

Pyrenees principality approves automatic sharing of information on accounts held by non-residents from EU countries Andorran lawmakers have agreed to end banking secrecy in the Pyrenees mountains principality, approving automatic sharing of information on accounts held by non-residents. The General Council, Andorra’s unicameral parliament, approved a measure that will come...

EU Mulls ‘Substance Test’ to Determine Zero-Rate Tax Havens

European Union member countries are considering a “substance test” to determine whether a country or jurisdiction with a zero corporate tax rate qualifies as a tax haven that doesn’t reflect “real economic activity.” After a host of EU member countries rejected in early November the use of a zero corporate...

Nearly 100 Countries Poised to Adopt Multilateral Treaty

Ninety-eight countries are poised to formally adopt the OECD’s innovative multilateral tax treaty, which will place recommendations from the BEPS project into more than 3,000 bilateral accords, when the ad-hoc group meets later this month. The “Multilateral Convention to Implement Tax Treaty-Related Measures to Prevent Base Erosion and Profit Shifting”...

EU Countries Block Use of Rates as Tax Haven Criteria

A “number” of European Union countries are blocking a push to include zero corporate tax rates as criteria for the bloc’s tax haven blacklist, according to Slovakia, which holds the rotating EU presidency. EU members have been unable to reach an agreement on cracking down on offshore structures aimed at...

UN expert urges next UN chief to crack down on Malta and other ‘tax havens’

A United Nations human rights expert has urged the next UN secretary-general to make the elimination of tax havens a priority to ensure that corporations, billionaires and ‘kleptocrats’ pay their fair share of taxes. Speaking on Friday, American law professor Alfred de Zayas also urged Antonio Guterres, who will succeed...

EU to black list tax havens, EU Commissioner Moscovisi says

A list on non-cooperative tax jurisdictions around the world, the first ever common EU list, is being under preparation, Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici has said. “This month, we started the process that will lead, by the end of 2017, to the first ever...

Monaco signs up to EU’s tax transparency scheme

The EU has signed a fiscal transparency agreement with Monaco in an attempt to stop Europeans hiding undeclared income in the Mediterranean principality. EurActiv Spain reports. Famous for its glamorous casinos and annual Formula One race, Monaco is also known for not levying income tax and for being somewhat of...

EU threatens sanctions on money laundering, tax evasion havens

BERLIN – A European Union official threatened Thursday to sanction Panama and other nations if they don’t cooperate fully to fight money laundering and tax evasion, after a leak of data showed the small country remains a key destination for people wanting to hide money. The 11.5 million documents from...

Lawmakers Quiz Apple, Google, IKEA and McDonald’s Over Tax Avoidance

In their latest attempt to try to stamp out tax avoidance by multinationals in the European Union, lawmakers are set to question Apple, Google, IKEA and McDonald’s over their tax affairs as EU member states fail to agree a common tax policy. Lawmakers in the EU have struggled to prevent...

EU and Andorra sign deal to curb tax evasion

The EU and Andorra have signed a new tax transparency agreement that will make it harder for EU citizens to stash undeclared income in financial institutions in Andorra. The agreement is in line with EU’s effort to increase tax transparency and tackle tax avoidance and evasion. This deal complies with...

Malta: Malta And Andorra Sign Double Taxation Agreement

Malta and Andorra have signed a Double Taxation Agreement for the avoidance of double taxation and the prevention of fiscal evasion. The agreement was signed on Andorra’s behalf by Claudia Cornella, Andorra’s Secretary of State for International Financial Affairs, and on Malta’s part by Aldo Farrugia, Director General for Legal...

Andorra, Malta Sign Double Tax Agreement

Andorra and Malta have signed an agreement on the avoidance of double taxation and prevention of fiscal evasion. The Government of Andorra announced on December 16 that, following two days of meetings, an agreement was signed between a delegation led by Andorra’s Secretary of State for International Financial Affairs, Claudia...

Spain and Finland sign new treaty to avoid double taxation and to fight tax fraud

Given that the latest treaty was signed on 15 November 1967, the two countries felt it was appropriate to revise it in full. The new treaty, signed on Tuesday by the Spanish Ambassador to Finland, María Jesús Figa, and the Finnish Minister for Finance, Alexander Stubb, seeks to enable tax...

Fighting tax evasion: EU and the Republic of San Marino sign new tax transparency agreement

The new agreement marks the end of bank secrecy between San Marino and the EU. As of 2017, San Marino and EU Member States will automatically exchange information on the financial accounts of one another’s residents. Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, said: “This agreement...

The EC repeals savings taxation directive

The Council of European Union has revoked Directive 2003/48/EC, which has allowed tax administrations better access to information on private savers since 2005. By revoking the directive, which is part of a tax transparency package presented by the Commission in March this year, the Council says it strengthens measures to...

Fighting tax evasion: EU and Andorra finalise negotiations on new tax transparency agreement

Today the EU and Andorra initialled the text of a new tax transparency agreement, marking another important step forward in the fight against tax evasion. Under the new agreement, Andorra and EU Member States will automatically exchange information on the financial accounts of each other’s residents from 2018. Pierre Moscovici,...

D.C. Made A Change To Its Tax Law, And Caribbean Countries Aren’t Happy About It

Faced with outrage from over a dozen otherwise placid Caribbean nations, D.C. officials are backtracking on a plan to openly call out countries it says allow big U.S. businesses to skip out on paying local taxes. At issue is a change to existing tax law made through the 2016 D.C....

Fighting tax evasion: EU and Liechtenstein sign new tax transparency agreement

Under the new agreement, Liechtenstein and EU Member States will automatically exchange information on the financial accounts of each other’s residents from 2017. Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, said: “Today the EU and Liechtenstein are sending out a clear message: we are partners in...

EU blacklists Hong Kong as ‘non-cooperative tax jurisdiction’

Kenneth Leung (PC,F-Accountancy) explains what he – and the government – are doing to get Hong Kong off the EU’s undeserved blacklisting as a “non-cooperative tax jurisdiction”. Why has Hong Kong been placed on this list? There are ten European countries that have named Hong Kong as a tax haven....

Another four tax information exchange agreements now in force

Bern, 09.09.2015 – The tax information exchange agreements with Andorra, Greenland, San Marino and the Seychelles have come into force. They will apply from 1 January 2016. Following the completion of the corresponding ratification processes, the tax information exchange agreements (TIEA) have come into force with Andorra (27 July 2015),...

LUXEMBOURG: TAX TREATY UPDATE, STATUS REPORT

Luxembourg currently has 76 income tax treaties in force, and there are 29 treaties under negotiation. Tax treaties can provide a legal framework not only for the avoidance of double taxation and fiscal evasion, but also for international administrative cooperation between Luxembourg and its treaty partners in terms of mutual...

Switzerland, Belize Sign TIEA

Switzerland and Belize signed a tax information exchange agreement (TIEA) on August 10, 2015. The agreement is Switzerland’s ninth TIEA. It provides for the exchange of information upon request. It covers Swiss federal, cantonal, and communal taxes on income and capital, and the cantonal and communal inheritance and gift taxes....

OECD backs Guernsey in fight against tax haven status

The OECD has backed Guernsey in its fight against tax haven status, describing the crown dependency’s inclusion on the European Commission’s list of top 30 non-compliant tax jurisdictions as “very surprising”. Monica Bhatia, head of the secretariat of the Organisation for Economic Cooperation and Development’s Global Forum on Transparency and...

EU signs a historic tax transparency agreement with Switzerland

The Automatic Exchange of Information is fast becoming widely recognised as the most effective instrument to fight against tax evasion. With cooperation between tax administrations being high on the agenda in the ongoing fight against tax evasion, protection of integrity of tax systems, and transparency processes seem to be infiltrating...

Bahamas ‘unfairly dumped on’ with EU blacklisting

The Bahamas was yesterday “dumped on” through its inclusion on another so-called financial services ‘blacklist’, although an ex-Attorney General and others suggested the development should be taken “with a big grain of salt”, reports the Bahamas Tribune. John Delaney told Tribune Business that the European Union’s (EU) decision to ‘blacklist’...

St. Kitts-Nevis Among 30 Countries On EU’s Tax Evasion Blacklist

St. Kitts and Nevis is one of 30 countries placed on the European Union’s black list for not doing enough to fight tax evasion. The EU’s executive Commission published the list Wednesday (June 17). The blacklisted countries figure on at least ten of the EU’s 28 member nations’ lists of...

Cayman on new EU blacklist

Government appeared to brush off the latest blacklisting of the Cayman Islands when it released a short statement on Wednesday at around 5pm following revelations by the EU that the jurisdiction had been cited as facilitating tax evasion, reports the Cayman News Service. “It is unfortunate that the EU black...

Bermuda named on EU tax haven list

The European Union: Labelled Bermuda as a tax haven Bermuda has been named by the European Union as a country that is not doing enough to crack down on tax avoidance. The Island was one of 30 countries on the list published by the EU’s executive Commission today. “These tax...

EU releases tax haven blacklist

The European Union has published its first list of international tax havens as part of a crackdown on multinational companies trying to avoid paying tax in the 28-nation bloc. The list of 30 territories includes Hong Kong and Brunei in Asia, Monaco, Andorra and Guernsey in Europe, and a series...

Global Tax Transparency Goes Live in 2016

Cross border tax fraud and tax evasion by High Net Wealth Individuals (HNWI) are serious problems for many jurisdictions. For many years exchange of information between countries has been solely upon request. In practise this procedure is not efficiently working as it requires foreseeable relevance, thus ‘fishing’ for information is...

Venezuela to probe possible corruption linked to offshore bank holdings

CARACAS, VENEZUELA – Venezuela is launching a probe into large offshore bank deposits amid a spate of reports that at least $2 billion was siphoned off by corrupt, top-level officials at state-run oil company PDVSA. Chief prosecutor Luisa Ortega Diaz’s announcement Tuesday was the socialist government’s first response to the...

UPDATE 2-Liechtenstein’s LGT sanguine about risk from HSBC private bank deal

ZURICH, March 23 (Reuters) – Liechtenstein’s biggest bank LGT does not expect to suffer any fallout from assets it bought from HSBC’s private bank months before that business was embroiled in a scandal over allegedly helping clients to dodge taxes. Vaduz-based LGT, owned by the principality’s royal family, snapped up...

Switzerland, EU to tackle tax evasion

Bern and Brussels have clinched a deal to exchange bank account data in an effort to tackle tax fraud. The agreement comes after a recent report exposed the global economic damage caused by offshore accounts. Switzerland and the European Union are teaming up to crack down on tax cheats, officials...

Combatting corporate tax avoidance: Commission presents Tax Transparency

1.GENERAL QUESTIONS 1.1 Why is the Commission presenting a Tax Transparency Package? The Commission has made the fight against tax evasion and corporate tax avoidance a political priority, with a view to creating a socially and economically more efficient Single Market. While much has been done to advance this agenda...

Liechtenstein declines to cooperate in ex-Catalan premier’s tax fraud case

Principality judge says no proof exists that money in Pujol’s alleged accounts is illegal “I didn’t want to know anything about inheritance,” claims ex-Catalan chief The government of Liechtenstein has refused to cooperate with the ongoing tax fraud inquiry into foreign bank accounts held by former Catalan premier Jordi Pujol...