The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
The pilot will begin to explore the best way for countries to share this information, with a view to developing a truly global common standard in a two-step process leading to the interlinking of national registries.
To date, since the launch 19 additional European countries have joined the pilot, the Netherlands, Romania, Sweden, Finland, Slovakia, Latvia, Croatia, Belgium, Ireland, Slovenia , Denmark, Malta, Lithuania, Cyprus, Bulgaria, Portugal, Estonia, Greece and Czech Republic.
Read the full press release here .
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European Commission proposes public tax transparency rules for multinationals 29 April 2016
The European Commission is leading the way towards greater corporate tax transparency by proposing the introduction of public reporting requirements for the largest companies operating in the EU.
The proposal builds on the Commission's work to tackle corporate tax avoidance in Europe, estimated to cost EU countries EUR 50-70 billion a year in lost tax revenues. Supplementing other proposals to introduce sharing of information between tax authorities, it would require multinationals operating in the EU with global revenues exceeding EUR 750 million a year to publish key information on where they make their profits and where they pay their tax in the EU on a country-by-country basis.
The same rules would apply to non-European multinationals doing business in Europe. In addition, companies would have to publish an aggregate figure for total taxes paid outside the EU.
This proposal is a simple, proportionate way to increase large multinationals' accountability on tax matters without damaging their competitiveness. It will apply to thousands of large firms operating in the EU, without affecting small and medium-sized companies. The proposal also provides for stronger transparency requirements for companies' activities in countries which do not observe international standards for good governance in the area of taxation. The Commission will build on its External Tax Strategy with the aim of establishing the first common EU list of such tax jurisdictions as rapidly as possible.
Read more from the European Commission .
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Government clamping down on gold bullion tax avoidance 9 May 2016
Thinking ‘Italian Job’ when you see gold bullion in the news title? Maybe not, but there are tax avoidance schemes where gold bullion is used as payment in an attempt to disguise remuneration.
At Budget 2016, the government announced a package of changes to tackle the current and historic use of disguised remuneration tax avoidance schemes. This includes action with immediate effect from 16 March 2016 against schemes such as ‘gold bullion’ avoidance schemes, putting beyond doubt that these schemes aren’t effective. These schemes seek to disguise remuneration to individuals through paying them via a series of transactions buying and selling an asset, commonly gold bullion. There are a few of these schemes but they have a common feature where an individual claims to be paid in the form of an asset, such as gold bullion. They have a theoretical obligation to pay the value of the asset to a trust at some point in the future - it is claimed that this obligation makes the payment non-taxable. However, in instances seen by HMRC so far, the individual has actually taken cash, thus supporting HMRC view this is a payment of earnings. HMRC’s firm view is that these schemes don’t work. HMRC has opened enquiries into users of these schemes and will continue to do so as it becomes aware of new users. HMRC will challenge these schemes via every route open to it, including litigation through the courts. Despite this, promoters have continued to market these schemes. To put the
The Chartered Institute of Payroll Professionals
Policy News Journal
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