Worldwide

European Union states agree on clamp-down on accountants helping…

European Union states agree on clamp-down on accountants helping…”

The EU finance ministers (ECOFIN) agreed on a cluster of new rules meant to disrupt cross-border tax avoidance on Tuesday; the decision must now be ratified by the European Parliament.

Last week seven EU member states were signaled out for encouraging tax avoidance by the European Commissioner Pierre Moscovici: Belgium, Luxembourg, Ireland, the Netherlands, Malta, Cyprus, and Hungary.

The decision to clamp down on tax avoidance, first proposed by the European Commission in June 2017, was taken by EU economic and financial affairs ministers at their morning meeting in Brussels, according to a Commission press release.

Finance ministers also agreed to add Saint Kitts and Nevis, the US Virgin Islands and the Bahamas, to a blacklist of global tax havens, while removing Bahrain, the Marshall Islands and Saint Lucia.

The Channel Islands, the Bahamas, Bahrain and the Cayman Islands are among the jurisdictions who have no corporate income tax. But their finance ministers gave the green light to the Bulgarian compromise. In turn, European Union member states will exchange this information with each other, further increasing scrutiny. If there is no intermediary involved, the onus will be on the company or individual using the tax scheme to disclose it.

Anguilla, the British Virgin Islands, Dominica and Antigua and Barbuda were added to the gray list on Tuesday. One such group was the Tax Justice Network, which said the original 17-jurisdiction list represented a missed opportunity to tackle the real issues it claimed lay behind the what it called the large-scale tax avoidance and tax evasion now "bleeding European Union countries dry".

Simultaneously, they moved Bahrain, the Marshall Islands and Saint Lucia from the blacklist to the grey watch list, after they committed to change their tax practices.

The fluctuating blacklist will remain at nine jurisdictions, with the remaining six countries listed as Trinidad and Tobago, Samoa, American Samoa, Guam, Namibia and Palau.



Like this

loading...
loading...

Latest


12 April 2018
New Jersey Looking Towards Sports Betting
New Jersey has demonstrated recently that financial returns from legalising gambling, in particular online gambling can be huge . As of April 2018 New Jersey have spent a massive $7.2M dollars in the fight to legalise sports betting within the state borders.

15 March 2018
Server Requirements for Mass Mailing
The first means that the error occurred on the receiving side: maybe the client's account was blocked, or something else happened. Running your own email server may sound like a science fiction, and it may seem that it’s impossible to handle such thing.

14 March 2018
Pocket of air found where man's brain should've been
A CT scan revealed a nine-centimetre air-filled cavity in his right frontal lobe, looking like a big black blank area on the scan. The scans were so extreme, doctors wondered if the man had forgotten to disclose previous brain surgery or birth defects.

14 March 2018
Rules of Golf finalized, with four new tweaks
What they settled on: Eliminating the one-stroke penalty for a double-hit. Golfers will simply count the one stroke they made to strike the ball.

14 March 2018
Tiger Woods reclaims share of lead at Valspar Championship
His momentum slowed on the 13th with a bogey, but gained it back at the next before finishing with four straight pars for a 67.

14 March 2018
Twitch is getting into the 'free games for subscribers' business
Twitch announces Free Games with Prime, which gives Amazon (NASDAQ: AMZN ) customers access to free games to download each month. Starting April 1st, subscribers will find Tales from the Borderland , SteamWorld Dig 2 , Kingsway , Tokyo 42 and Dubwars .

14 March 2018
ARK Investment Management LLC Increases Holdings in Baidu Inc (BIDU)
Southeastern Asset Management Inc sold 12,482 shares as Baidu Inc. (NASDAQ:BIDU) on Friday, October 20 with "Buy" rating. Zacks Investment Research cut Baidu from a "buy" rating to a "hold" rating in a report on Monday, December 18th.

14 March 2018
(QCOM) Holdings Boosted by Telos Capital Management Inc
Brinker Capital Inc increased Astrazeneca Plc (NYSE:AZN) stake by 13,464 shares to 30,184 valued at $1.02 million in 2017Q3. In recent trading day QUALCOMM Incorporated ( QCOM ) stock showed the move of -0.35% with the closing price of $62.81.

14 March 2018
Depth Technical Analysis: Oclaro, Inc. (OCLR), Marathon Patent Group, Inc. (MARA)
According to Finviz reported data, The SMA20 of the stock is at 5.83 percent, SMA50 is -20 percent, while SMA200 is 11.35 percent. On The Other side CRISPR Therapeutics AG a Switzerland based Company, belongs to Healthcare sector and Biotechnology industry.

13 March 2018
$2.57 Billion in Sales Expected for Steel Dynamics, Inc. (STLD) This Quarter
Pacad Investment Ltd increased its stake in Infosys Ltd (INFY) by 2356% based on its latest 2017Q3 regulatory filing with the SEC. After $0.54 actual EPS reported by Steel Dynamics , Inc. for the previous quarter, Wall Street now forecasts 85.19% EPS growth.