Category: EU

Last-Ditch Bid To Halt Eu Blacklist

The Deputy Prime Minister and minister of financial services were yesterday travelling to Europe in a last-ditch bid to plead the Bahamas’ case against being ‘backlisted’. Carl Bethel QC, the Attorney General, confirmed to Tribune Business that both K P Turnquest and Brent Symonette are leading a government delegation that...

LUX RULES “MAY FACILITATE AGGRESSIVE TAX PLANNING”

The European Commission has criticised Luxembourg and six other EU member states for overly favourable tax treatment of multinational corporations. “The @EU_Commission is today stressing the issue of aggressive tax planning in seven EU countries: #Belgium, #Cyprus, #Hungary, #Ireland, #Luxembourg, #Malta and The #Netherlands. #FairTaxation,” Pierre Moscovici, the European finance...

Gov’t agrees to meet international tax standards

THE GOVERNMENT recently held bilateral talks with the Code of Conduct Group (COCG) to discuss tax transparency and fair taxation in the territory. A press release from the Office of the Premier issued on Tuesday (February 27), said Premier Sharlene Cartwright Robinson and other TCI representatives met with the COCG...

Dutch Cabinet Approves Anti-Evasion Measures

The Government of the Netherlands has announced a comprehensive package of tax anti-avoidance proposals designed to bring the jurisdiction’s rules into line with new European Union anti-avoidance laws and fulfill its obligations under the international BEPS agenda. The plans were detailed in a parliamentary paper sent by State Secretary for...

Israel set to adjust tax policies to counter Trump reform, tax chief says

Also, multinational companies with a physical presence in Israel will soon get their first tax bill Israel will need to amend its corporate tax policies to counter the effects of US President Donald Trump’s tax reform, the head of Israel’s Tax Authority head acknowledged — but only slightly. “There will...

Macau | MSAR delisted from EU tax haven blacklist, joins list of ‘cooperation with respect to commitments taken’ – EU Council

The Macau SAR has been removed from the European Union list of non-cooperative jurisdictions for tax purposes, joining a separate category of jurisdictions ‘subject to close monitoring,’ the European Union (EU) announced on Tuesday Macau (MNA) – The Macau SAR has been removed from the European Union list of non-cooperative...

US Treasury disputes EU decision to list Guam on tax haven blacklist

The U.S. Treasury Secretary is disputing a decision by the European Union to place Guam, and American Samoa, on its blacklist of noncooperating tax jurisdictions. In a letter to EU Secretary General Jeppe Tranholm-Mikkelsen, U.S. Treasury Secretary Steven Mnuchin wrote that “there is no basis for concluding that American Samoa...

Bulgarian Presidency Outlines EU Tax Plans

The “fair and efficient” taxation of corporate profits and the fight against tax avoidance and evasion through enhanced administrative cooperation are among the priorities of the new Bulgarian presidency of the European Union, which commenced on January 1, 2018. The recently released program of the Bulgarian presidency states that it...

State aid: Commission approves the Maltese tonnage tax scheme subject to commitments

Commissioner Margrethe Vestager, in charge of competition policy, said “Tonnage tax systems are meant to promote the competitiveness of the EU shipping industry in a global market without unduly distorting competition. I am pleased that Malta committed to adapt its tonnage tax system to achieve this. Moreover, by encouraging the...

US tax reform breaks global rules, EU says

European finance ministers are worried. They say the United States’ big tax reform bill contains measures that would unfairly disadvantage European business and contravene global fair-taxation rules. Are they right? Last week, the finance ministers of Europe’s five biggest economies — Germany, France, the UK, Spain and Italy — wrote...

MEPs Approve PANA Committee Tax Recommendations

Members of the European Parliament (MEPs) have approved the recommendations made by the European Parliament’s special committee on tax avoidance and evasion, calling for open registers of beneficial owners, effective protections for whistleblowers, and new rules for intermediaries. On December 13, MEPs approved the recommendations made by Parliament’s Special Inquiry...

EU to force firms to reveal true owners in wake of Panama Papers

Anti-corruption campaigners welcome move but criticise failure to include trusts in corporate ownership requirements Companies across the EU will be forced to disclose their true owners under new legislation prompted by the release of the Panama Papers. Anti-corruption campaigners applauded the agreement as a major step in the fight against...

Bahamas Faces Major Tax, Exchange Control Shake-Up

The Bahamas may have to completely overhaul its corporate and taxation structure to escape European Union/OECD ‘blacklisting’ threats, the Attorney General revealed yesterday. Carl Bethel QC told Tribune Business that the Government was “looking very carefully” at whether compliance with European (EU) demands will require this nation to eliminate the...

Capital Markets Union: Commission announces new tax guidelines to make life easier for cross-border investors

The Commission has today put forward new guidelines on withholding taxes to help Member States reduce costs and simplify procedures for cross-border investors in the EU. The new Code of Conduct offers solutions for investors who, as a result of how withholding taxes are applied, end up paying taxes twice...

17 NAMED ON EU TAX HAVEN BLACKLIST

EU ministers have issued the bloc’s “list of non-cooperative jurisdictions for tax purposes”. The blacklist was created following a November 2016 European Council decision–in the wake of the Panama Papers, Luxleaks and other revelations of multinational tax avoidance–to evaluate jurisdictions outside the EU. Territories were judged on “tax transparency”, “fair...

The EU just put 3 Arab countries on a ‘blacklist’ of tax havens

Blacklisted nations may face sanctions. The European Union released its first-ever “blacklist” of global tax havens this week, including 17 territories, three of which are Arab countries. Deemed to fall short of EU tax standards, the United Arab Emirates, Tunisia, and Bahrain joined American Samoa, Barbados, Grenada, Guam, South Korea,...

Bahamas ‘Done Everything Possible’ To Avoid Blacklist

THE Deputy Prime Minister believes the Bahamas has “done everything we could possibly do” to escape the European Union (EU) ‘tax haven’ blacklist that will be issued tomorrow. K P Turnquest told Tribune Business that the Minnis administration “has no reason to think” this nation will be deemed a ‘non-cooperative...

BDA & Industry Respond To Paradise Papers

“Reportage about hacked data from global law firm Appleby has highlighted the substantial lack of media understanding of offshore investment structures and Bermuda’s long-time reputation for tax transparency and cooperation with international authorities,” the Bermuda Business Development Agency said. “Bermuda is committed to the exchange of relevant information to legitimate...

PANA report ‘confirms’ Malta ‘not a tax haven’

FinanceMalta, the Institute of Financial Services Practitioners, the Chamber of Commerce, Enterprise and Industry and the Gozo Business Chamber have welcomed the PANA Committee’s confirmation that the Maltese tax system is in line with current international and EU standards. Furthermore,according to the Committee, Malta has transposed EU rules and respects...

CCCTB FAQ

The European Union Common Consolidated Corporate Tax Base (CCCTB) has been talked about recently as a solution to the problem of an imperfect pan-EU corporate tax system, which allows large companies, particularly those with a digital presence, to detach profits from value-creation, and pay tax in low-tax jurisdictions. But what...