Category: EU

Malta: A Question Of Substance

Malta continues to receive glowing reviews internationally as a stable financial services centre of repute within the European Union. Over the past fifteen years, Malta has moved seamlessly from being an offshore to an onshore jurisdiction, through the implementation of several legal, tax and regulatory rules intended to stimulate domestic...

Ireland: Property Investment Structures In Ireland: Irish Investment Opportunities

In recent times there has been a welcome return to activity in the Irish real estate market. Overseas investors have been circling and private equity groups have started investing heavily in Irish real estate amid confidence that the Irish economy has stabilised and is returning to growth. In this briefing...

Disney and Microsoft dragged into Luxembourg tax avoidance scandal engulfing EU chief Jean-Claude Juncker

Grand Duchy accused of allowing multinational firms to pay virtually no tax Leaked documents reveal more firms used Luxembourg to lower tax There is no suggestion that the tax schemes used by firms are illegal But scandal has dragged in Luxembourg’s former PM Mr Juncker Giant US businesses Disney and...

Preventing tax evasion and fraud: the scope for automatic exchange of information is extended

Padoan: “It marks the end of banking secrecy in the European Union” The Council adopted a directive that will help the member states to clamp down on tax evasion and fraud by extending the scope for the automatic exchange of information. The directive brings interest, dividends, gross proceeds from the...

PwC charged with “selling tax avoidance on an industrial scale”; indulging in “scams”

The House of Commons Public Accounts Committee on Monday held a hearing on the role of accountancy firms in tax avoidance and PwC (PricewaterhouseCoopers), the Big 4 accounting firm, was represented by Kevin Nicholson, PwC head of tax in the UK and former HMRC (HM Revenue & Customs) tax inspector,...

EU Agrees Twin Tax-Avoidance Measures

BRUSSELS–European Union finance ministers struck two separate deals on Tuesday aimed at cracking down on tax avoidance by multinationals, an issue that is high on Europe’s political agenda as a lackluster economic recovery fails to replenish crisis-hit state coffers. At a meeting in Brussels, finance ministers agreed to update a...

European Commission – Statement Commissioner Moscovici welcomes Council agreement on measures against tax avoidance and unfair tax competition

The European Commission welcomes two breakthrough agreements reached by the Council today towards combating corporate tax avoidance and aggressive tax planning. The Council has given its political backing to the anti-abuse clause of the Parent Subsidiary Directive and to the mandatory exchange of information between EU tax authorities. “I applaud...

New Luxembourg leaks reveal Disney, Koch Industries tax deals

(Reuters) – Tax deals that entertainment giant Walt Disney Co., commodities group Koch Industries [KCHIN.UL] and others agreed with the Luxembourg authorities were revealed on Tuesday by the International Consortium of Investigative Journalists (ICIJ). The ICIJ said the two companies engaged in complex restructurings, and channeled hundreds of millions of...

Jersey: Jersey Finance Welcomes Tax Agreement With Romania

Jersey Finance has welcomed the signing of a Tax Information Exchange Agreement (TIEA) between Jersey and Romania this week. The agreement, which was signed by the Minister for External Relations, Senator Sir Philip Bailhache, and the Romanian Ambassador, His Excellency Ion Jinga, at the Romanian Embassy in London on Monday...

EU focus on tax avoidance may deflect direct heat from Ireland

Juncker has put corporate tax reform firmly back on the EU agenda The “Lux leaks” scandal may have cast a shadow over Jean-Claude Juncker’s first months as European Commission president, but its real significance will be how it impacts the EU’s position on corporate tax. Some contend the scale of...

Leading financial centres ‘must act on corruption’, says watchdog

China and Turkey have fallen in international rankings of perceived corruption, according to a new report released by the Berlin-based anti-corruption watchdog Transparency International (TI).09 Dec 2014 Regulatory Europe Asia Pacific Gulf Africa According to the latest edition of TI’s Corruption Perceptions Index for 2014, which scores countries on a...

EU Tax, Cisco, Google, Burger King: Intellectual Property

European Union nations that offer “patent box” tax breaks should retool their laws so that only deserving companies can claim benefits tied to technical innovations, according to a draft report from a European Union working group. Countries that use this kind of technology tax break should start legislative work next...

New Leak Reveals Luxembourg Tax Deals for Disney, Koch Brothers Empire

A new leak of confidential documents expands the list of big companies seeking secret tax deals in Luxembourg, exposing tax-saving maneuvers by American entertainment icon The Walt Disney Co., politically controversial Koch Industries Inc. and 33 other companies. Disney and Koch Industries, a U.S.-based energy and chemical conglomerate, both created...

UK: International Trade

People who provide services delivered through electronic means (‘Electronic Services’), sold to final consumers based in other EU states, need to cope with the change of ‘place of supply’ rules from 1 January 2015. Place of supply rules are one of the more hotly debated areas of VAT. They determine...

Tax Avoidance: The LuxLeaks Scandal Explained

On November 6th, 2014, the ICIJ journalists’ network revealed its investigation into leaked documents from professional services firm PricewaterhouseCoopers. Their analysis shows that over 340 multinational companies use schemes to avoid paying taxes – schemes made possible by Luxembourg’s particularly favourable tax laws. How did the ICIJ work together on...

PriceWaterhouseCoopers chief Kevin Nicholson denies lying over tax deals

Nicholson stands by previous testimony to MPs, as accountants are accused of mass-marketing tax avoidance schemes The head of tax at one of the UK’s top accounting groups was accused of lying to parliament about his firm’s role in devising controversial tax deals for clients in Luxembourg. Kevin Nicholson, PwC...

Putin welcomes billionaires back to Russia – but will they come?

President Putin’s surprise amnesty allowing Russians with cash stashed abroad to bring it back home with no penalty may be a windfall, but then maybe not. The US, Mexico, Italy, Kazakhstan, and many others have tried it with varied success. When financial crises hit, governments have tried to reel in...

Two Years of Magnitsky Act: Facts and Details

The factbox devoted to two years of the so-called Magnitsky Act passed by US Senate. This act allows Washington to deny visas and freeze assets of Russian officials allegedly involved in the death of Russian lawyer Sergei Magnitsky. Five years ago, on November 16, 2009, Sergei Magnitsky, a tax and...

Norway’s Commission Recommends Corporate Tax Rate Cut

The Tax Commission, appointed by the Government in March last year to review corporate taxation in Norway in light of international developments, submitted its report on December 2, and proposed a cut in both corporate and individual income tax rates, alongside other adjustments to combat corporate base erosion and profit...

Guernsey’s economy shows signs of recovery despite protests

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/e3cae272-73d4-11e4-82a6-00144feabdc0.html#ixzz3LIqHN5hj A seafront car park in St Peter Port overlooked by Guernsey’s...

China ‘to step up supervision of multi-nationals to combat tax avoidance’

Chinese tax authorities have pledged to increase supervision of multi-national companies in a campaign to crack down on tax avoidance.04 Dec 2014 Tax China Asia Pacific Chinese tax authorities have pledged to increase supervision of multi-national companies in a campaign to crack down on tax avoidance. The deputy director of...

Malta should brace itself for tax haven clampdown – AD

Greens say Malta should start thinking of Plan B on its attractive tax regime for foreign companies as pressure from major EU states on European Commission grows Malta should be prepared to diversify its current fiscal policy and even wave goodbye to its incentives to attract foreign industry, Alternattiva Demokratika...

UK: Tax May Be Taxing, But No Tax May Be Even More Taxing! EU Competition Commissioner Hints At Potential State Aid Sanctions For Favourable Tax Rulings

The European Commission (Commission) has given one of its clearest indications yet that it is seeking to clamp down on unfair tax breaks or ‘waivers’ for underpaying companies through the EU rules on state aid. How does State aid apply to taxation? The EU rules on state aid prohibit the...

CORRUPTION PERCEPTIONS INDEX 2014: CLEAN GROWTH AT RISK

CORPORATE SECRECY, GLOBAL MONEY LAUNDERING MAKES IT HARDER FOR EMERGING ECONOMIES TO FIGHT CORRUPTION Corruption is a problem for all economies, requiring leading financial centres in the EU and US to act together with fast-growing economies to stop the corrupt from getting away with it, anti-corruption group Transparency International said...

Corruption on rise in Turkey, China: Transparency Int’l

Corruption is feared to be worsening in China, Turkey and other fast-growing economies, an anti-graft watchdog warned Wednesday, also urging the world’s banking centres to help combat sleaze and money-laundering. Transparency International released its annual Corruption Perceptions Index (CPI), which ranked Sudan, North Korea and Somalia as the worst offenders...

Canada: The BEPS Deliverables: A Macro Critique

What unites the dates February 12, 2013, July 19, 2013, and September 16, 2014? They are the key dates to this point in the OECD’s crusade against base erosion and profit shifting, which will be remembered either as a well-coordinated campaign against abusive tax avoidance by large multinational enterprises, or...

UK: FATCA Compliance And Data Protection

Complying with USA FATCA and UK/EU Data Protection Requirements The US Foreign Account Tax Compliance Act (FATCA), passed by Congress in March 2010, was finally implemented in July 2014. The Act makes the US the only large economy to tax its nationals on all of their earnings anywhere in the...

German complaints could result in higher tax bills

Y​ORKSHIRE​ businesses that invest in research and development could ​face higher tax bills if Chancellor George Osborne uses his Autumn Statement to water down tax breaks following complaints by Germany. One of ​Mr Osborne’s flagship policies is set to be reformed ​on Wednesday following the resolution of a dispute with...

FTSE 350 prefer Ireland to UK as top tax regime

Ireland has knocked the UK off the top spot as the most competitive tax destination, according to KPMG’s annual survey of Britain’s largest businesses However, the UK has increased the number of times it is mentioned in the companies’ top three competitive tax regimes. The KPMG Annual Survey of Tax...