Category: EU

Dutch government continues with dividend withholding tax proposal and announces conditional retroactive amendment to CIT fiscal unity regime

In this Tax Alert we will briefly highlight two topical Dutch tax matters very relevant to internationally active companies: the current status of the legislative proposal regarding Dutch dividend withholding tax rules for holding cooperatives and BVs/NVs and the announcement of the Dutch Ministry of Finance that the Dutch fiscal...

Work Ongoing On EU Tax Blacklist

Work on an EU “blacklist” of non-cooperative tax jurisdictions is proceeding as planned, according to Vice-President Valdis Dombrovskis. Dombrovskis made the comments following a meeting of EU finance ministers, at which the proposal was discussed. Dombrovskis said that finance ministers are calling for an agreement on the list to be...

EU to investigate UK tax loophole for multinationals

Inquiry to centre on George Osborne’s 2013 rule change that allows resident multinationals to shift income offshore The EU is to launch an investigation into a British government scheme that may help multinational firms pay less tax, the Guardian has learned. Margrethe Vestager, the EU competition commissioner, will announce on...

PANA committee calls for increased focus on virtual currencies, new technologies such as FinTech

The European Parliament’s PANA Committee has approved draft recommendations calling for increased scrutiny and regulation of emerging technologies, including virtual currencies and FinTech. The committee also approved a report delving into the findings of an 18-month probe into breaches of EU law in relation to money laundering, tax avoidance and...

International information exchange system to help fight tax evasion: Slovak officials

BRATISLAVA, Oct.18 (Xinhua) — International information exchange system could help fight tax evasion, said President of Slovak Financial Administration Frantisek Imrecze at a press conference here on Wednesday. According to Imrecze, the information exchange system has been available to the Slovak Financial Administration since Sept. 30, the Slovak tax office...

Switzerland agrees to share tax information on multinationals

ZURICH (Reuters) – Switzerland said on Wednesday it would start sharing information on the activities of multinationals in its territory with other countries in 2020, joining an international push to fight tax evasion. The new measures will force about 200 large companies in the low-tax haven to prepare country-by-country reports...

EU Approves Rules to Fix 900 Cross-Border Double-Tax Disputes

European Union finance ministers gave formal approval to legislation designed to dramatically reduce the 900-plus unresolved company cross-border double taxation disputes. The Oct. 10 approval for the EU Double Taxation Dispute Resolution Directivecomes amid skepticism from tax professionals that it has the resources to be effective. It includes mandatory binding...

Ireland Seeks Comment on International Tax Strategy Plans

The Irish government is inviting businesses and practitioners to provide feedback on its plans to update its international tax strategy, including how Ireland should incorporate the OECD’s transfer pricing guidelines into national law and implement the European Union’s anti-tax avoidance rules. The consultation, which runs until the end of January...

EU finance ministers discuss plans for new taxation of digital firms

European Union plans for a new taxation system for digital companies, such as Skype and Amazon, both of which have European headquarters in Luxembourg, were discussed on Tuesday by EU finance ministers. A report from the European Commission in September said the effective average tax rate for a traditional international...

E.U., Citing Amazon and Apple, Tells Nations to Collect Tax

BRUSSELS — European competition regulators on Wednesday mounted a push against tax avoidance by Silicon Valley giants, announcing plans to take Ireland to court for failing to collect back taxes from Apple and ordering Luxembourg to claim unpaid taxes from Amazon. The effort, which comes as the European Union considers...

EU eyes corporate rules shake-up with law on seat transfer

The European Commission is preparing a new directive on the cross-border transfer of company headquarters, a move that could have far-reaching implications for other areas of corporate governance, including tax planning and cross-border mergers, EURACTIV has learned. With Brexit on the horizon, UK companies are busy weighing their options for...

Public Country-by-Country Reporting; Taxpayers’ Rights

Appropriate Use of Country-by-Country Reports The OECD has now published Guidance (available here) on the appropriate use of Country-by-Country Reports (‘CbCRs’) by national tax authorities. This is in response to some valid MNE concerns that tax authorities may misuse CbCRs. “Appropriate use” is clarified as being for (i) high-level transfer...

EU Seeks a Digital Tax to Stem the ‘Bags of Money’ Lost to Loopholes

Finance ministers discuss new tax plans in Tallinn, Estonia France’s Le Maire says EU citizens ‘outraged’ by situation European Union finance ministers are developing a new way to tax digital companies such as Amazon.com Inc. and Facebook Inc. to raise money from an industry that they say provides less than...

Analysis: Romania seeks tighter control of multinationals’ financial data

The government is looking to implement EU Directives on tax avoidance, and is set to receive more financial information from multinational groups active in Romania. Tax experts suggest that large corporations might reassess their business models in order to meet the demands of the fiscal authorities in Romania and across...

Ireland’s Revenue releases guidelines on requesting Mutual Agreement Procedure assistance

Ireland has published guidelines for requesting Mutual Agreement Procedure (MAP) assistance. The guidelines, issued in early August, set out the legal basis for requesting MAP assistance as well as: the process through which taxpayers can request assistance from Ireland’s Competent Authority (the Revenue) the possible outcomes resulting from a request...

EU Takes Legal Action Against Portugal, Two Others on Tax Deals

The European Commission launched legal proceedings against Portugal, Bulgaria, and Cyprus for not adopting, in their national laws, European Union legislation requiring all EU countries to exchange tax rulings granted to multilateral companies. The legislation was adopted in the wake of the 2014 LuxLeaks scandal that revealed more than 100...

European Commission warns Bulgaria to get into line on tax rulings, anti-trust damages actions rules

Bulgaria is among European Union countries that the European Commission has sent a reasoned opinion because of its failure to communicate the transposition of new measures on the automatic exchange of tax rulings between EU tax authorities. The step was announced by the European Commission on July 13, among its...

Germany’s Schaeuble Defends Resistance to EU Public Tax Reporting

German Finance Minister Wolfgang Schaeuble defended his opposition to pending European Union legislation that would force large multinational companies to publicly disclose, on a country-by-country basis, their taxes paid and profits. Schauble, who testified before the EU Parliament’s Panama Papers investigative committee July 11, said public reporting of companies’ tax...

Moscovici: CCCTB Is A Tool Against Tax Avoidance

EU Tax Commissioner Pierre Moscovici has described the proposed common consolidated corporation tax base as a “decisive tool against corporate tax avoidance.” Moscovici made the comment during a speech on tax fairness. He said the CCCTB will provide companies with a single rulebook for calculating their taxable profit throughout the...

Greece Adopts EU Information Exchange Law

The Greek parliament has adopted a new law transposing an amendment to the European Union administrative cooperation directive to provide for the exchange of advanced tax rulings between member states. The new law, passed by parliament earlier this month, adopts EU Directive 2015/2376/EU of December 8, 2015, which amends Directive...

OECD Lists One Tax Haven, Tax Justice Network Says ‘Nonsense!’

The OECD’s body for assessing compliance with international tax transparency standards plans to tell an upcoming summit in Hamburg, Germany, that Trinidad and Tobago is the world’s only tax haven. Group of 20 country leaders meeting last year in China asked that body, the Global Forum on Transparency and Exchange...