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FTA between EU and Canada

Published: Sergey Panov | 07.07.2016 | news

European commission propose officially declaim and concluded Free Trade Agreement between EU and Canada. Commission need to get support from the European Council and European Parliament. After finishing this process this agreement can be provisionally applied. European commission propose officially declaim and concluded Free Trade Agreement between EU and Canada. Commission need to get support from the European Council and European Parliament. After finishing this process this agreement can be provisionally applied. The commission hope that agreement between EU and Canada will signed during next summit between them in October. Commission President Jean-Claude Juncker said: "FAT between EU and Canada is the best and progressive agreements and I want that it go into force as soon as possible. It provide new opportunities for European companies while promoting our standard as benefit for people. It's time to begin. At stake is the credibility of the European trade policy." EU Trade Commissioner Cecilia Malmström said: "I hope that now the deal with Canada will be signed and concluded quickly, to the benefit of consumers, workers, and entrepreneurs – this is an...

Global IT tariff cuts

Published: Sergey Panov | 06.07.2016 | news

On July 1 the first tariff cuts were implemented under the expanded Information Technology Agreement (ITA), which was agreed at the World Trade Organization (WTO) Ministerial Conference in Nairobi in December 2015. The original ITA was concluded in 1996. The new agreement will eliminate tariffs on an additional 201 technology products. Products covered by the new ITA include video games consoles, GPS navigation systems, magnetic resonance imaging machines, telecommunications satellites, touch screens, and video cameras. It has been estimated that the products involved have a global export value of some USD1.3 trillion per year. Negotiations were conducted by over 50 WTO signatory members, but all members will benefit from the agreement as they will all enjoy duty-free access to the markets of the members eliminating tariffs on these products. It has been said that the tariff cuts will increase annual global gross domestic product by around USD190bn. The first tariff cuts were implemented on July 1, 2016, with successive reductions due to follow in up to seven years. Some countries, such as Singapore, have immediately eliminated all tariffs, but others, including the European...

EU to UK: no free trade a la carte

Published: Sergey Panov | 04.07.2016 | Без категории

"There will be no single market 'á la carte'" for the UK when it leaves the European Union (EU), according to Donald Tusk, President of the European Council. Tusk made the comment after an informal meeting on June 29 of 27 EU heads of state. It was the first meeting of EU leaders in more than 40 years that the UK had not attended. It followed a June 28 meeting at which UK Prime Minister David Cameron outlined his views on the results of the UK's recent Brexit vote. Tusk said that the EU's remaining leaders "are absolutely determined to remain united and work closely together as 27." He explained that leaders had agreed that "there will be no negotiations of any kind until the UK formally notifies its intention to withdraw." According to Tusk, leaders hope to have the UK "as a close partner in the future." However, they also "made it crystal clear … that access to the single market requires acceptance of all four freedoms, including the freedom of movement. There will be no single market "á la carte'." Tusk added that leaders "have started a political reflection on the future of [the] EU with 27 states." They will meet in Bratislava on September 16 to continue...

Brexit – what doest mean for taxpayers?

Published: Sergey Panov | 01.07.2016 | Без категории

23 of June, 2016 the day when EU became less one more country according to Brexit referendum. The Prime Minister of Great Britain said that in case of this referendum that he that he would resign before the next conference of the Conservative Party it was not entirely unexpected The Prime Minister of Great Britain said that in case of this referendum that he that he would resign before the next conference of the Conservative Party it was not entirely unexpected, in October 2016, but caused even more uncertainty about the next steps for the UK. On the eve of the referendum, Cameron said that if Brexit vote, he will be obliged to immediately refer to the rules contained in Article 50 of the Treaty of Lisbon, as the United Kingdom upon its expiry will be separated from the European Union. Until then, the transnational corporations operating in the UK will continue to work within the framework of existing agreements. These two years, and at any time, the United Kingdom may start negotiations on whether it can be part of the single market and the conditions that will be attached, as well as various other issues. If, at the end of two years, an agreement has been reached to the...

CBI calls for continued UK access to single market

Published: Sergey Panov | 30.06.2016 |

The Confederation of British Industry has called for tariff- and barrier-free access to the EU Single Market should the UK leave the European Union. In a letter to The Times, CBI Director-General Carolyn Fairbairn wrote that the Government "must act with urgency to minimize the uncertainties that affect investment decisions and slow job creation." She also said that the CBI would write to the Prime Minister, the Department for Business, and the Treasury to outline the priorities for achieving this. According to Fairbairn, the UK must now agree the principles that will underpin its new relationship with Europe and the rest of the world. In turn, "the Government should resolve publicly to preserve the openness of the UK's economy, one of its greatest strengths." "In practice, this means seeking to protect tariff- and barrier-free access to the single market of 500 million consumers. It means ensuring companies are able to continue to attract the best people to the UK with the skills we need, while recognizing public concerns about immigration. And, it means setting out clearly how the UK will agree the right international trade deals with the wider world," she...

EU Parliament approves rules against tax avoidance practices

Published: Sergey Panov | 13.06.2016 |

Parliament calls for crackdown on corporate tax avoidance. The EU Commission proposal for an EU anti-tax avoidance directive was welcomed by Parliament in a resolution voted on Wednesday. MEPs nonetheless advocated stricter limits on deductions for interest payments and tougher rules on foreign income. They also called for more transparency for trust funds and foundations, common rules for “patent box” tax reductions on intellectual property earnings, and an EU blacklist of tax havens and sanctions against uncooperative jurisdictions. The anti-tax avoidance directive reflects the OECD's action plan to limit tax base erosion and profit shifting (BEPS) and follows recommendations made by Parliament in November (TAXE 1 report) and December (legal recommendations drafted by EP rapporteurs Dodds and Niedermayer) last year. The resolution was passed by 486 votes to 88, with 103 abstentions. The proposal builds on the principle that tax should be paid where profits are made and includes legally-binding measures to block the methods most commonly used by companies to avoid paying tax. It also proposes common definitions of terms like “permanent establishment”, “tax...

European company (Societas Europaea)

Published: Sergey Panov | 09.06.2016 | blog

European company (in a translation from Latin «Societas Europaea» - European societies) is a new legal form of business, which is designed to be a tool for deepening the integration processes of the European Community. The company formed (or transformed) in a form that can act throughout the European Union without a separate pass procedures of national treatment in each of them. The first draft of a European company (hereinafter - SE) was proposed in 1970. The idea was to create a concept of European company law, which was to unify all aspects of the SE, so that it can operate at a supranational level, the European Community, and not in accordance with the national law of the Member States. However, due to the need to harmonize a large number of issues, in particular the structure of organs, tax, employee participation in company management, etc., the work lasted for a long time and is difficult. The final version of the project, the replacement of the complete unified regulation, proposed a model of co-SE as a pan-European business regulation, and national regulations law. In 2001, it was decided the two main pieces of legislation the EU: Regulation on the Statute of SE...

The EU and Japan jointly declared the free trade agreement

Published: Sergey Panov | 01.06.2016 |

The leaders of Japan, the European Union (EU), France, Germany, Italy and the UK have confirmed that the obligation to achieve a free trade agreement between the EU and Japan (FTA) "as early as possible in 2016 year." The obligation announced in a joint statement issued on the sidelines of G7 summit in Japan. The leaders said they instructed their respective negotiators to speed up negotiations that began in March 2013. "With our full support negotiators have to make efforts in the coming months to move forward with the process of negotiations, setting the way for an agreement that covers all types of tariffs and non-tariff measures on schedule," the statement said. The statement also said that the talks will be held "in a constructive manner based on mutual trust" to achieve "a comprehensive, high-level and balanced agreement, which further consolidates our strong trade and economic cooperation." Author: Olena Kutova senior lawyer of the Finance Business Service company ...

Preparation of the EU Law on the tax deals

Published: Sergey Panov | 30.05.2016 | blog

The European Union, which is mired in tax disputes with large multinational companies like Apple Inc. and McDonald's Corp., has announced his intention to restrain the government, who are trying to win over multinational companies by means of favorable tax benefits, enabling the latter reduce their tax liability by placing profits abroad. The European Commission, which has the right to prohibit unfair tax breaks provided by multinational companies, has announced his intention to limit the ability of EU Member States to adopt provisions that allow reducing tax burden for foreign companies. A document published by the European Commission determines how the regulator will provide support to Member States, and is a warning shot in the direction of the companies that are engaged in deducing profits, insisting that the transactions between related parties should be carried out at market prices. The document specifies that any intentions to deviate from the certain market prices should be limited and proportional. This applies to situations where it is impossible to determine a comparable transactions, for example, in matters of profits produced using sophisticated payment schemes...

Exchange corporate tax return in Europe

Published: Sergey Panov | 28.04.2016 |

The Committee on Economic and Monetary Affairs of the European Parliament voted in favor of the proposal for automatic exchange of country-by-country reports. MEPs approved a report on the proposal by 45 votes, with 11 abstentions. Dariusz Rosati, who prepared the report, said that the initiative is "an important step in the fight against harmful tax practices within the EU. This should increase transparency and reduce harmful tax competition." Under the proposal, multinational companies with total consolidated revenues of EUR 750 million or more will need to submit statements of EU countries. This rule will apply to all countries with which the company operates. The report stresses that the Commission should have full access to the information exchanged between the tax authorities of the countries to give the opportunity to assess whether they practice in accordance with the rules of state aid. This is especially important for small and medium-sized companies who work in one country only, as they "usually pay an effective tax rate which is much closer to the official rates than multinational firms." The Commission also added that "the domestic companies do not have to face...

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