#EU Archives - Page 2 of 4 - Law firm Finance Business Service: offshore registration, tax planning, legal services

Regulation of Forex broker activities in the EU

Published: Sergey Panov | 25.10.2016 | blog

Obtaining permission to conduct Forex activity on the territory of EU Member States is governed by Directive 2014/65 / EC, which is also called MiFID2, since it is the new version of the Directive "On the Financial Instruments Market" 2004/39 / EC (MiFID), and is a legal basis of a single regulated market of financial instruments in the EU. This means that the rules laid down in this Directive are mandatory for the twenty-eight member countries of the EU and the three countries of the European Economic Area. First MiFID2 establishes the basic requirements for the operation of investment companies (investment companies under the Directive refers to and including financial brokers, so we will hereafter call them so) and the conditions for obtaining a permit for their activities in the EU. It is assumed that each Member State should adopt national legislation in accordance MiFID2 requirements, the provisions of which may not be more stringent than the provisions of the basic directive. However, MiFID2 also regulates the procedure of interaction of controlling the market in every European country, both among themselves and with the European specialized authorities (ESMA - the European...

The European Parliament began inquiries in Panama

Published: Sergey Panov | 29.09.2016 |

The European Parliament began its investigation following the hearing Panamanian documents. Committee of the European Parliament to investigate money laundering, tax evasion (Panama) held its first full meeting on 27 September. It consists of 70 members, including the chairman and four deputies. It will investigate the allegations of wrongdoing and improper administration in the application of European legislation on money laundering, tax evasion and tax avoidance by the European Commission or Member States. Its creation was due to a leakage of 11.5 million documents relating to Panamanian law firm Mossack Fonseca. Data relating to the ownership of bank accounts and offshore companies in 21 jurisdictions, and cover a period of almost 40 years, until the end of 2015. Parliament said that the journalist Frederic Obermayer suggested that Panama's documents represent only the tip of the iceberg, and argued that EU banks are actively helping their clients evade taxes. Parliament added that the Swiss journalist Oliver Zilmen described the use of the system, including intermediaries, such as, for example, Swiss lawyers who actually run companies, Russian money and banks in Cyprus and...

Japan – EU accelerate free trade agreement

Published: Sergey Panov | 21.09.2016 |

Japanese and European trade and industry association addressed a joint letter to the leaders of the European Union and Japan, urging them to "make all efforts to speed up" the current negotiations on a free trade agreement. 16 September letter from the Japan Business Federation, Japan Business Council in Europe and the European Business Council in Japan seeking to enter negotiations this year. EU and Japan at the recent G7 summit pledged to arrange a free trade agreement "as early as possible in 2016". Currently, the EU and Japan are negotiating a free trade for more than three years, the letter stated: "While the 16 rounds of talks and negotiations were entered into the stage of maturity, a successful conclusion is not yet visible. ... We believe that the EU Japan and familiar with the views of each other, and both sides must now be crucial to the outstanding issues. " "If in fact, the association called on leaders to do everything possible to ensure that the free trade agreement will lead to commercially meaningful market access, removal of tariff and non-tariff measures, and include an ambitious chapter on procurement." The differences that remain between the two sides...

The EU continues to fight against tax evasion

Published: Dmitriy Batrakov | 06.09.2016 | blog

July 12, 2016 the Council of the European Union adopted Directive №2016 / 1164 against tax evasion (hereinafter - the Directive), which entered into force on 8 August 2016. This Directive is one of the components of the package of measures which was proposed by the European Commission within the framework of the so-called Plan BEPS (Action Plan erosion of the tax base and the withdrawal of income from the tax). The main purpose of the Directive is the fight against the schemes of tax evasion, which are used by many companies due to differences between the tax systems of the Member States of the European Union (hereinafter - EU). It should be noted that the Directive applies to all corporate tax payers in the territory of the Member States, including their subsidiaries located in third countries Next, we will focus on the basic methods of combating tax evasion: a) rules on controlled foreign companies (Controlled Foreign Company Rules - CFC). These rules allow tax authorities to charge taxes on undistributed earnings of foreign companies controlled by residents of EU countries. Thus, all EU member states will now have the authority to tax income, which was relocated to...

Canada attempts on free trade agreement with EU

Published: Sergey Panov | 26.08.2016 | news

On the level of precipitation about free trade agreement between Canada and EU the government of Canada claimed about envoy infliction who will speed this talks. The government claimed that the infliction on envoy has a high preoritet for signing free trade agreement. In this year, it will be Pierre Pettigrew who will release this deal during one year. Pettigrew will meet with stakeholders in the provinces and territories of Canada, as well as with senior business and government leaders of the EU member states. Pettigrew said: "The agreement between Canada and the European Union sets a new world standard for commercial transactions and positions Canada as an innovative country and the new international norms of free agreement will create economic opportunities, and I am eager to help advance the deal." In July, the European Commission formally proposed the signature and conclusion of free agreement. The Commission should receive the support of the Council of Europe and the European Parliament. Once this process is completed, the agreement will be provisionally applied. The Commission hopes that an agreement will be signed during the next Canada-EU summit to be held in...

The EU given time to fix of the budget deficit

Published: Sergey Panov | 12.08.2016 |

The European Council overturned the fines for Spain and Portugal for infringement of excessive deficit rule and established a new "fiscal path" for each country, which will have to follow. Such action follows from the preceding Council decision on the fact that Spain and Portugal have not taken effective measures to correct its excessive deficit and will now have to implement the recommendations made by the European Commission in their respective fields. In July, the Council confirmed that Spain and Portugal have not been able to reduce its deficit to below three percent of gross domestic product (GDP) for the time. Once provided financial assistance amounting to 78 mrad euros (86.9 billion dollars) from the EU, the eurozone and the International Monetary Fund (IMF) in 2011, Portugal was not able until 2014 to bring its deficit in line with EU expectations. For this reason, in June 2013. The Council further extended to 2015 and set targets deficits of 5.5% of GDP in 2013, 4% in 2014 and 2.5% in 2015. Portugal was able to achieve a given economic restructuring program in June 2014, but in 2015 the general government deficit was 4.4% of the country. The July decision of the...

EU signed tax agreement with IOTA

Published: Sergey Panov | 01.08.2016 |

The Intra-European Organization of Tax Administrations (IOTA ) has signed tax agreement with European Commission to develop the solution of more effective way to common targets which this two brunches are working on and also one kind of them activity to prevent double tax avoidance. According to announce of IOTA 26 of July the main brunches of co-working in agreement frames include battle against swindle, information exchange, alternate support, support of tax departments to increase the level of maintenance by taxpayers. The agreement was signed between IOTA and the Taxation and Customs Union Directorate General (DG TAXUD) of the European Commission 7 of July. Edery said: «Commission has get a support IOTA from the day it start exist and attentively watching it progress. We have common target to support European states in development and modernization of tax administration. Based in Budapest, IOTA is a non-profit intergovernmental organization, created to promote using the best practice in tax administration direction and more effective co-working with 46 tax authorities’ members. Author: Olena Kutova senior lawyer of the Finance Business Service...

EC applies the Panama Papers Inquiry

Published: Sergey Panov | 14.07.2016 | news

The European Parliament's Committee of Inquiry into Money Laundering, Tax Avoidance, and Tax Evasion (PANA) has announced the appointment of its chair and four vice chairs. The constitutive meeting of PANA took place on July 12, 2016. Wenrer Langen was elected chair, with Ana Gomes, Pirkko Ruohonen-Lerner, Fabio de Masi, and Eva Joly to serve as first to fourth vice chairs, respectively. The Committee consists of 65 members, excluding the chair and vice chairs. It will investigate alleged contraventions and maladministration in the application of European Union law with respect to money laundering, tax avoidance, and tax evasion by the European Commission or member states. Its establishment was prompted by the leak of the so-called Panama Papers, the leak of more than 11.5m documents belonging to law firm Mossack Fonseca. The data leaked relates to the ownership of bank accounts and companies in 21 offshore jurisdictions, and covers a nearly 40-year period, through to the end of 2015. The Committee is required to submit its final report by June 8, 2017, when its mandate from the European Parliament will expire. Author: Olena Kutova senior lawyer of the...

Politicians of EU call for MNE tax transparency

Published: Sergey Panov | 13.07.2016 |

Senior members of national parliaments in Europe have called for greater public transparency on taxes paid by multinational corporations. In an open letter addressed to their respective governments, the lawmakers have called for multinationals to make public, for each tax jurisdiction in which they do business, their revenue, profit before income tax, income paid and accrued, total employment levels, capital, retained earnings, and tangible assets. The letter states: "The base erosion and profit shifting project and the EU Commission country-by-country reporting initiative will lay the foundations of a modern international tax framework under which profits are taxes where economic activity and value creation occur. But we want to enable the citizen to have access to this information. We would also expect companies to identify each entity in the group that is doing business in a particular tax jurisdiction and to provide an indication of the business activities in a selection of broad areas that each entity is engaged in." "We want to see this information published so that our citizens can see for themselves what tax multinationals pay so that not only will our national tax...

EU anti-tax evasion

Published: Sergey Panov | 08.07.2016 |

MEPs supported the introduction of a package of measures to combat tax evasion, which include tax havens, the black list of sanctions against "uncooperative jurisdictions", and income tax throughout the EU. Recommendations have been prepared by a special parliamentary committee of tax regulations were adopted 514 votes to 68 with 125 abstentions. The committee's report in favor of the following: - Total "Black list" of non-constructive EU jurisdictions, as the European Commission's proposal with the general definitions unconstructive jurisdictions, and also the provision of extension for a dialogue with jurisdictions for inclusion in the list; - Sanctions against uncooperative jurisdictions, including the ability to revise and suspend of a free trade agreement and deny access to EU funds; - Sanctions for companies, banks, office and law firms, tax advisors testing to include them in illegal, harmful or illegal actions with proximity jurisdictions; - Sanctions for management companies involved in tax avoidance or authority to revoke the license for the business if the experts involved in the illegal schemes of tax planning and evasion; - A possible financial...

Tag: #EU