Category: EU

Apple Among Firms In EU Tax Deal Probe

Tax deals involving Apple, Starbucks and  are facing an EU probe over allegations they amounted to state aid worth billions of pounds. The development follows a move by the EU’s competition authorities last year to gather information on corporate tax arrangements from several member states. The European Commission said it...

Europe opens tax probe into Apple in Ireland

The probe, announced on Wednesday by Europe’s competition commissioner Joaquín Almunia, will look into whether the low rate of tax Apple pays in Ireland breaks European state aid rules.   Apple pays less than two percent tax in the country — far less than the standard 12.5 percent corporation tax...

EU should speak with one voice on tax reform, says commissioner

The European Union must throw its full weight behind international efforts to clamp down on tax avoidance, a European commissioner has said. Speaking as a high-level expert group published its five-month review on taxation challenges for the EU in the digital economy, commissioner for tax and customs Algirdas Šemeta said...

Labour MEPs vote against tighter controls on tax evasion

Commission proposal to clamp down on companies cheating tax by opening subsidiary companies in different member states supported by vast majority of MEPs. On Wednesday Labour MEPs were part of a very small minority of 32 MEPs who voted against a resolution backing the Commission’s proposal to tighten the Parent-Subsidiary...

Swiss tax allies falling by the wayside

The decision by Luxembourg and Austria to automatically exchange tax data with other European Union countries has isolated Switzerland in the global crusade against banking secrecy, a Tax Justice Network (TJN) expert tells swissinfo.ch. The two European Union states caved in to demands last month by signing up to the revised...

Tax Amnesties Clear The Way For Global FATCA

Expats should put their financial affairs in order while they have the chance as governments around the world prepare a global tax net aimed at wiping out avoidance. The operation is headed by the Organisation of Economic Co-Operation and Development (OECD) and closely follows the lines of the controversial US...

Luxembourg Supports New Savings Tax Directive

Luxembourg’s Prime Minister Xavier Bettel said the conclusions adopted at the recent European Council meeting on the revised Savings Tax Directive have enabled “a green light from the Grand Duchy of Luxembourg.” He expressed his satisfaction that all 28 European Union (EU) member states reached an agreement at the latest...

A changing world

Recent discussions about the movement of capital and offshore accounts have to be a major cause for concern. During a Central Bank seminar recently, Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss, sounded the warning that compliance with the recently passed Foreign Account Tax Compliance Act...

Why ‘Londongrad’ Weighs On Britain’s Russia Policy

LONDON — They are the most expensive and luxurious flats in the whole of London. Their ultramodern bay windows offer an unobstructed view onto Hyde Park. An underground corridor connects them to the Mandarin Oriental, the palace where Michelin-starred chef Heston Blumenthal has one of his prized restaurants. In total, the...

EU adopts landmark directive to crackdown on tax evasion

The European Union has formally adopted the Savings Tax Directive after six years of negotiations. The directive is intended to bolster the power of the EU to crackdown on tax evasion. The measure was adopted shortly after Luxembourg and Austria abandoned their opposition to the plan. EU tax commissioner Algirdas Semeta, commenting...

Luxembourg Ordered to Give EU Tax-Deal Detail Amid Aid Probe (1)

European Union competition watchdogs ordered Luxembourg to hand over details of tax breaks for businesses after they said the Grand Duchy was hindering a state-aid probe spanning several EU nations. Luxembourg refused to deliver details concerning the 100 largest companies benefiting from a special program for companies whose profits stem...

EU orders Luxembourg to hand over corporate tax practices information

European Union antitrust regulators ordered Luxembourg on Monday to hand over information on its corporate tax practices as part of their investigation into tax loopholes which have allowed companies such as Starbucks and Apple to cut their tax bills. The move by the European Commission came after Luxembourg failed to...

EC adopts directive over tax fraud

The European Council has adopted a directive over exchanging information on savings incomes in a bid to clamp down on tax fraud and evasion The directive will strengthen EU rules over the exchange of information on savings incomes and help member states to share details and information more easily. Directive 2003/48/EC...

EU agrees on system to tackle tax evasion — Oversight wants Lerner details from DOJ — Schumer weighs Wall Street relationship

EU AGREES ON SYSTEM TO TACKLE TAX EVASION. The Associated Press has the story, “European Union nations on Thursday agreed on a sweeping policy to fight tax evasion after tiny Luxembourg dropped its reservations to new rules which render its secretive banking culture more transparent. Luxembourg Prime Minister Xavier Bettel...

Luxembourg and Austria drop opposition to banking directive

States agree to automatic exchange of non-EU citizens’ savings account details After years of opposition, Luxembourg and Austria have agreed to back automatic exchange of savings account information on non-citizens to tackle tax fraud in the EU. Their shift was welcomed by other EU leaders meeting in Brussels and allows ministers to sign off...

EU strengthens rules on savings taxation

Leaders of the European Union (EU) member states on Thursday reached an agreement on strengthening EU rules on taxation of savings income. “This is indispensable for enabling the member states to better clamp down on tax fraud and tax evasion,” said European Council President Herman Van Rompuy in his statement...

Havens set deadline for reporting investors’ tax details

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. The British Virgin Islands, Liechtenstein and Jersey are among 44 countries that have set...

Austria’s Spindelegger Says Savings-Tax Deal Up to Luxembourg

Austrian Finance Minister Michael Spindelegger said a deal on extending a European Union savings tax is in Luxembourg’s hands. Austria “can agree to this tomorrow — it’s not up to us if there isn’t agreement,” Spindelegger told reporters before a two-day meeting with his European Union counterparts in Brussels today....

United Kingdom: The OECD Base Erosion And Profit Shifting Action Plan

There has been considerable publicity in recent months on the alleged tax avoidance perpetrated by multinationals that has resulted in the Organisation of Economic Cooperation and Development (OECD) publishing its action plan on base erosion and profit shifting (BEPS). The action plan, consisting of 15 proposals to counter the perceived...

Apple iTax: made in Ireland, designed in the US

Apple, famous for its innovative products, is equally creative in its tax structure. From 2009 to 2012, it successfully sheltered US$44 billion from being taxed anywhere in the world, including sales generated in Australia. While there are probably some sound reasons for Apple’s CEO, Tim Cook, to claim in a US congressional...

Tiny Luxembourg Blocks Tax Evasion Law for EU

European Union finance ministers failed once again Tuesday to agree on a sweeping new policy to fight tax evasion because of resistance from Luxembourg, a tiny country that long has prospered from a secretive banking culture. EU Taxation Commissioner Algirdas Semeta said their failure was disappointing because, if approved, the...

Luxembourg stalls agreement on EU tax evasion law

The Grand Duchy of Luxembourg, a city state of just over a half million inhabitants, on Tuesday refused to agree on a proposed key EU tax evasion law at the monthly Ecofin meeting of European Union finance ministers. Algirdas Šemeta, EU taxation Commissioner, said Tuesday’s failure was “disappointing” because the legislation...

Irish Opposition Questions EU On Corporate Tax Probe

Ireland’s Fianna Fáil party has expressed its concern over the “seemingly snail’s pace” progress being made by the European Commission in its preliminary probe of the country’s corporate tax regime. Fianna Fáil finance spokesperson Michael McGrath said: “News of the preliminary probe by the European Commission into the corporation tax...

G20 to tackle transfer pricing with new tax exchange scheme

The days of multinational companies being able to use the Double Irish Dutch Sandwich to avoid taxation may soon be coming to an end, with the G20 group of nations looking to create a reporting standard to allow for automatic exchange of tax information. In the official communique coming at the end...