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EC applies the Panama Papers Inquiry

Published: 14.07.2016 |

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#EU #Panama #Taxation

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: 13.07.2016 | Без категории

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...

Consumption tax in the US reduced

Published: 12.07.2016 |

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#Taxation #USA OECD

In a latest document from the Tax Foundation (TF), it was noted that, the largest Organization for Economic Cooperation and Development (OECD) is more inclined to the proceeds from the consumption tax, the United States prefer more personal income tax, while at the raising relatively is differb a little from the consumption tax. TF said that "this difference of political issues, given that consumption taxes raise revenue with less economic damage than individual income taxes" According to the recent data for 2013, consumption taxes were the largest source of tax revenue for the OECD countries, increasing by an average of 32.7 percent of their tax revenues. However, taxes on consumption rose by only 17.4 per cent of revenue for the United States, mainly because the United States is the only OECD country without value-added tax (VAT). Instead, most governments states in the US use the retail sales tax on the final sale of most goods and excise taxes on the production of goods such as cigarettes and alcohol. The United States instead relies heavily on individual income tax, accounting for 38.7 percent of total government revenue in 2013, compared with the OECD average of 24.8...

New Zealand propose to improve invest tax

Published: 11.07.2016 |

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#Investments #New Zealand #Taxation

The government of New Zealand release 7 July 2016 discussion document contain proposals aiming for improving administrative invest tax. These proposals can make easy a year process for taxpayers and increase in the system at the same time, Revenue Minister Michael Woodhouse said. "Payers of interest, dividends, and taxable Maori authority distributions currently provide tax certificates to the recipients of the income. Need to gather all of this certificates from it different income sources to meet their end of year tax obligations." Woodhouse said. It would be better for income to collect that entire information collect that information direct from the payers and use it to pre-populate the recipients' tax records." To get this target the discussion document proposes that: All investment income payers will provide this information to the Internal Revenue often. The deadline for feedback on the proposals on 19 August 2016. Author: Sergey Panovmanaging partner Finance Business...

EU anti-tax evasion

Published: 08.07.2016 |

Tags:

#Black list #EU #Taxation

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...

FTA between EU and Canada

Published: 07.07.2016 |

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#Canada #EU

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: 06.07.2016 | news

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#EU #Singapore #USA

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...

China expands VAT refunds for tourists

Published: 05.07.2016 | Без категории

Tags:

#China #Reforms #Taxation #VAT

From 1 July, 2016 foreign tourists who plan visit to Chinese Guangdong province be available to get VAT refund for them purchases made in certain store if they departing from Guangzhou's Baiyun International Airport and Nansha Port or from Zhuhai's Jiuzhou Port. Foreign tourists including all from Hong Kong, Makau and Taivan also be available for this VAT refund if they will stay on the Mainland less than 183 days. They must spend at last RMB500 (USD75) for certain items in any store in one day to be able to claim an 11 percent refund where less a two percent handling charge. The refund is able if the purchases made during 90 days before departure. The measure has been taken in a further effort to boost inbound tourism and consumption. Guangdong province is the nearest geographically to Hong Kong and Macau, and receives the vast majority of inbound tourists to the Mainland. Hainan provided scheme of this refund in 2011, with Beijing and Shanghai being authorized to begin offering VAT refunds to tourists on July 1, 2015. From January of this year this scheme also able for foreign visitors in such Chinese provinces as Tianjin, Liaoning, Anhui, Fujian, Xiamen, and...

EU to UK: no free trade a la carte

Published: 04.07.2016 |

Tags:

#EU #United Kingdom

"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: 01.07.2016 |

Tags:

#EU #United Kingdom

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...

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