Category: EU

Canada transparency laws force ASX companies to disclose tax bills

Two Australian mining companies will be forced to disclose how much tax they pay in every country around the world by new transparency laws introduced in Canada. Paladin Energy and OceanaGold, both dual-listed in Australia and Canada, will have to comply with new Canadian laws requiring all oil, gas and...

The Vatican Bank, Christmas Cheer, And FATCA

For centuries the inner workings of the Vatican Bank have been cloaked in secrecy. That was before Pope Francis, who has pledged to restore public confidence in the administration of the Roman Catholic Church. This week we learned the United States and the Holy See have brokered a FATCA agreement...

Worldwide Exchange of Tax Information: OECD Expands upon FATCA to Add New Requirements

While the Foreign Account Tax Compliance Act (FATCA) has focused worldwide attention on U.S. efforts to create a mandatory cross-border exchange of tax information, the enactment of FATCA was not an isolated occurrence. For more than a decade, the Organisation for Economic Co-operation and Development (OECD) has been trying to...

LuxLeaks tax source should not be charged

Margrethe Vestager has made clear that the commission is treating the LuxLeaks papers as ‘market information’ and is reviewing these tax rulings to decide whether or not they should be made the subject of further illegal state-aid cases.’ Photograph: Emmanuel Dunand/Getty We deplore the decision by Luxembourg to bring criminal...

Luxembourg Supports EU Tax Ruling Reforms

The Luxembourg Government is to provide the European Commission with a list of the tax rulings issued by its tax authorities, along with a list of the beneficiaries of its concessionary tax regime for intellectual property (IP) income. Luxembourg Prime Minister Xavier Bettel announced that the decision had been made...

Gramegna Calls LuxLeaks ‘Game Changer’ for Tax-Deal Probe

The disclosure of thousands of pages of confidential documents on Luxembourg tax deals was a “game changer” that led European Union regulators to expand their probe of such accords to all 28 nations in the bloc, Luxembourg Finance Minister Pierre Gramegna said. The EU’s expanded investigation “is not a surprise...

Corporations reached secret deals with Luxembourg to avoid tax payments

More leaked documents relating to tax avoidance schemes involving Luxembourg’s government under the leadership of Jean-Claude Juncker, now President of the European Union (EU) Commission, have intensified the political crisis surrounding the EU. It comes at a time of growing opposition to the pro-business EU and the vicious austerity cuts...

Spain pushes for taxation debate at EU summit

BRUSSELS – It was supposed to be all about investments and Russia, but the issue of tax avoidance is likely to creep onto the EU summit agenda on Thursday (18 December). In the draft summit conclusions circulated among EU ambassadors on Wednesday, there is one paragraph mentioning the “urgent need...

uncker turns tax debate away from Luxembourg and on to entire EU

Debate on multinational tax avoidance widens The surprise announcement by the European Commission that it is to extend its request for information on tax rulings to all European Union member states has the potential to significantly shift the terms of the debate on multinational tax avoidance. The timing of the...

Commission To Probe All EU Advance Tax Rulings

The European Commission has announced that its ongoing inquiry into advance tax rulings will be expanded to cover all European Union member states. The Commission said on December 17 that it will ask member states to confirm whether they offer tax rulings. If they do, they will be requested to...

The Best Job in the World

This is going to be the plum job for any international tax practitioner: Competent Authority for the Republic of Ireland. It seems pretty clear that the Base Erosion and Profit Shifting (BEPS) project will meet its announced deadline of the end of 2015 to produce final reports on all of...

EU shines light on dirty money with central registers

The European Union has agreed rules to stamp out tax evasion and stop dirty money from criminal gangs or terrorism finance being channelled through anonymous companies. EU states and the European Parliament struck the agreement on Tuesday evening to update the bloc’s anti-money laundering rules, a statement from parliament’s economic...

Luxembourg accedes to EU antitrust demand to divulge tax data

(Reuters) – Luxembourg acceded on Thursday to the demand of the European Commission to release data to further EU antitrust regulators’ investigation into whether it allowed multinationals to pay excessively low taxes. The European Commission launched investigations this year into whether U.S. retailer Amazon (AMZN.O) and a unit of Italian...

‘Hire Collectors’

When the commission unveiled its work program this week, it pledged to drop a stalled energy-tax proposal and resume consultations on a common corporate consolidated tax base. The program also promises an “action plan on efforts to combat tax evasion and tax fraud, including a communication on a renewed approach...

Luxembourg budget 2015 – main tax measures at a glance

Advance Agreements The so-called tax rulings and advance pricing agreements will be formalised by the introduction of appropriate provisions in the Luxembourg tax laws. By this means, Luxembourg will be able to offer as from 1 January 2015 a unified system providing taxpayers with legal certainty and a consistent and egalitarian...

Credit-Rating Firms Fall Short on ABS, European Regulator Says

Credit ratings of asset-backed securities fall short of quality standards, according to the European regulator for Standard & Poor’s, Moody’s Investors Service (MCO) and Fitch Ratings. Debt-rating companies lack “quality controls over information used and received from data providers,” have delayed annual rating reviews, and must strengthen “the review of...

EU agrees tougher money-laundering law

[BRUSSELS] Owners of secretive companies in Europe will have a harder time keeping out of the public eye, EU negotiators agreed Wednesday, in another blow against opaque business practices after the LuxLeaks scandal. The agreement reached by the European Commission, European parliament and member states approves the creation of a...

EU widens corporate tax rulings probe

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. Brussels has widened a probe into corporate tax rulings to include all 28 member states amid heightened scrutiny of sweetheart tax deals granted to businesses by national...

Worldwide exchange of tax information: OECD expands upon FATCA to add new requirements

While the Foreign Account Tax Compliance Act (FATCA) has focused worldwide attention on U.S. efforts to create a mandatory cross-border exchange of tax information, the enactment of FATCA was not an isolated occurrence. For more than a decade, the Organisation for Economic Co-operation and Development (OECD) has been trying to...

Investigation into tax rulings to be extended to all EU member states, says Commission

An investigation into tax rulings provided by certain EU member states is to be widened to cover all member states, according to a press release from the European Commission.17 Dec 2014 Tax Disputes and Investigations EU & Competition Tax Public procurement and state aid Corporate tax International tax UK Europe...

Shell Companies Face Disclosure in EU Anti-Tax-Dodge Deal

Companies will be forced to disclose their ultimate owners on national registers in European Union nations as the bloc seeks to clamp down on tax dodging, money laundering and terrorism financing. European Parliament legislators and representatives of 28 EU national governments struck a deal late yesterday to upgrade the bloc’s...

Money laundering: Parliament and Council negotiators agree on central registers

The ultimate owners of companies would have to be listed in central registers in EU countries, accessible to people with a “legitimate interest”, such as investigative journalists and other concerned citizens, under a deal struck by Parliament and Council negotiators on a draft EU anti-money laundering directive on Tuesday. The...

UPDATE 2-Regulators extend tax probe to all 28 EU nations

* EU to examine tax arrangements across bloc * Several deals with multinationals already under scrutiny * Questions asked of new Commission President Juncker (Adds Luxembourg reaction, background) By Foo Yun Chee BRUSSELS, Dec 17 (Reuters) – European Union competition regulators have asked all 28 member countries for details of...

Finance: Out of Control? Beneficial ownership registers in EU states won’t be made completely public

Last March MEPs voted overwhelmingly to introduce a new transparency disclosure rule that would compel all 28 European states to make publicly accessible the real owners of companies and trusts. The decision was hailed as a major breakthrough by anti-corruption campaigners fighting financial crime and tax abuse. Lawyers working for...

Cyprus: Signature Of Cyprus – USA Inter-Governmental Agreement Under The American Foreign Account Tax Compliance Act

On 2 December 2014 the Cyprus finance minister and the American ambassador to Cyprus formally signed the intergovernmental agreement (“IGA”) between Cyprus and the USA under the Foreign Account Tax Compliance Act (“FATCA”), an American tax measure enacted in 2010 with the purpose of implementing mechanisms designed  to prevent and...

Tax Probes May Face Legal Battle: EU’s Competition Chief

The European Union’s new antitrust chief said the EU is braced for a legal battle with governments embroiled in its probe of sweetheart tax deals for multinationals from Apple Inc. (AAPL:US) to Amazon.com Inc. Margrethe Vestager said the process needs to be legally watertight as officials investigate whether deals handed...

Luxembourg tax whistleblower says he acted out of conviction

Former PricewaterhouseCoopers auditor charged with theft and violating trade secrets in wake of LuxLeaks scandal speaks out A 28-year-old former PricewaterhouseCoopers auditor charged with theft and violating trade secrets in Luxembourg in the wake of the LuxLeaks tax avoidance scandal has revealed his identity and claimed he acted out of...

Black money conundrum

The wise thing is to forget the past, bring reforms to prevent generation of black money Considering other man’s point of view is Decency — George Orwell This quality seems to be in short supply in India although it is the most needed even to understand any black money retrieval....

How Google and Apple Make Their Taxes Disappear

Around the world, countries are desperately seeking ways to stop multinational companies from earning profits within their borders without paying taxes on them, while stashing trillions in tax havens like the Cayman Islands. The British government, after a search, says it knows how to tax the profits Google earns in...

Corporate transparency The openness revolution

As multinationals are forced to reveal more about themselves, where should the limits of transparency lie? HOWARD SCHULTZ, the head of Starbucks, said last year that “the currency of leadership is transparency.” If so, bosses should be feeling ever more qualified to command their troops. Business is being forced to...

Suspect charged in LuxLeaks tax scandal

The suspected leaker of documents that revealed confidential tax avoidance deals between Luxembourg and hundreds of multinational companies has been charged with theft, money-laundering and exposing trade secrets, prosecutors said. The suspect’s identity has not been revealed, but at Luxemburger Wort we have identified that he is a French former...

Luxembourg tax files: Juncker admits position weakened by scandal

Jean-Claude Juncker breaks silence to say revelations are personally damaging as calls increase for harmonisation of EU tax rules European Commission president Jean-Claude Juncker has admitted that his position has been weakened by a scandal exposing Luxembourg’s role in corporate tax avoidance schemes. Juncker survived a no-confidence vote in the...

EU’s Vestager aims to finish tax avoidance probes in second-quarter next year

(Reuters) – EU regulators hope to wrap up ongoing probes into the legality of tax deals between Luxembourg, the Netherlands and Ireland with Apple (AAPL.O), Starbucks (SBUX.O), Amazon (AMZN.O) and Fiat (FCHA.MI) by the second quarter of 2015, the EU anti-trust’s chief said on Thursday. European Competition Commissioner Margrethe Vestager...

Commissioner expresses ‘reasonable doubt’ over Apple tax deal

The new EU Competition Commissioner has said there is reasonable doubt about whether Apple’s tax arrangements with Ireland were legal. In her first comments on the investigation into the US tech giant’s tax affairs in Ireland, the Danish Commissioner Margrethe Vestager said the case remained open. This is despite Minister...

Lawmakers push to fast track legislative tax evasion proposals

In the light of new revelations in the Luxembourg tax evasion schemes, some MEPs will push to fast-track the European Parliament’s legislative reports being drafted by the legislature’s economic committee. “The new revelations show this is a European problem that needs a European solution. Citizens and SMEs pay their taxes,...

The Luxembourg ministry of Finance comments on the latest publications by the ICIJ

The ministry of Finance acknowledges the publication by the International Consortium of Investigative Journalists (ICIJ) and affiliated medias of a further series of advance tax decisions (“rulings”) issued by the Luxembourg tax administration. As with previous publications (“Luxleaks”), the way in which these documents were acquired is highly questionable. The...