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Tag: #EU

EU, a new VAT plan

Published: Sergey Panov | 12.04.2016 | news

The European Commission has issued a VAT Action Plan which sets out plans for the next two years for the modernization of VAT in the European Union. The Commission should propose legislation and to introduce common EU-wide measures to simplify the rules to help small and start-up businesses in e-commerce and streamline audits for companies engaged in this sector by the end of 2016. In addition, the Commission will seek to improve cooperation between tax administrations including countries outside the EU, customs and law enforcement agencies, in order to strengthen the capacity of tax administrations to combat fraud. The Commission will also provide an opportunity to have a lot of freedom for setting rates of value added tax for the states of the European Union. Existing rules on tax rates that have been developed over two decades ago, in order to ensure neutrality, simplicity and adaptability to the VAT system. The Commission has proposed the freedom to establish rates subject to appropriate safeguards to prevent excessive complexity and distortions of competition and that there was no impact on the functioning of the single market. The Commission has put forward two...

EU ministers are promoting new rules for corporate tax

Published: Sergey Panov | 14.03.2016 | news
EU Corporate Tax

European finance ministers have given their support for the adoption of the new rules which will shine a light on the tax affairs of multinational corporations. The proposal would oblige large companies to provide the national tax authorities with all of its global operations, including revenues, earnings, taxes paid and the number of employees in each country where they operate. The new rules "will provide the national authorities the necessary understanding of how to deal with aggressive tax planning structure," said Pierre Moscovici, European Commissioner for Economic and Financial Affairs. He described Europe as being in the throes of "fiscal transparency revolution" caused indignation of the national electorate. The European Commission is going to publish an offer of new rules in April 2016. "Keeping these reports in the privacy make it almost impossible for governments of developing countries, journalists or the general public to carefully study the activities of transnational corporations," said Koen Roovers a leading supporter of the EU to ensure the financial transparency of the coalition. Author: Olena Kutova senior lawyer of the Finance...

EU, EFTA discuss free trade

Published: Sergey Panov | 02.03.2016 | news
Trade in the EU

Legislators of the European Free Trade Association (EFTA) met with European Union Trade Сommissioner to discuss priorities in the free trade zone. EFTA Parliamentary Committee met with Commissioner Cecilia Malmstrom on February 23. They discussed a new strategy of Commission, "Trade for all" which aims to make EU trade policy more effective in providing new economic opportunities, as well as more transparent, in terms of opening negotiations to strengthen public control. Rather than focus on the interests of the EU trade policy will uphold EU values. The participants discussed the ongoing negotiations on the partnership of the transatlantic trade and investment partnership. The Committee also met with sever members of the European Parliament including Viviane Reding, the rapporteur on the Provision of trade services agreement. Also, Committee members found out how the European Parliament is involved in the international negotiations of a trade agreement. EFTA countries are Iceland, Liechtenstein, Norway and Switzerland. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

Held a debate on the future of VAT in the EU

Published: Sergey Panov | 29.02.2016 | news

The European Commission held a debate on reform of the VAT framework on February 24. The Commission was preparing to publicate an Action Plan on VAT. The European Union's value-added tax system "needs reform", said the commission. It needs to close the difference between theoretical VAT revenue receipts and the actual. This was estimated at EUR180bn (USD198bn) in 2013. It was result from avoidance, cheating and providing by the states of the European Union of reduced VAT and tax benefits. The VAT system creates administrative burdens nowadays, noted the European Commission, especially for small businesses and online companies. It said, that the VAT system should to be modernized in today's digital environment because of innovative business models and technological progress. The Commission issued a Roadmap earlier on February. Roadmap of the release of its Action Plan for a simple and efficient system of VAT to the single market that is going to be in March 2016. The Action Plan is intended to summarize the achievements made since the 2011 and set out the direction for future work. The principle of the new rules it is the destination principle. It provides that...