March 21st 2018 saw the European Commission release two proposed amendments to international tax rules to ensure digital business activities are taxed correctly and fairly.
Tag - European Union
The EU VAT Forum Group have published a report on Cooperation between Member States and Businesses in in the field of modern day commerce and specifically E-Commerce.
Further to last week’s bulletin we can bring you news that the European Commission is to take steps to ensure that EU external development and investment funds cannot be channelled or transited through entities in countries included on the EU's "blacklist" of non-cooperative tax jurisdictions.
The EU Commission took tentative steps toward reducing harmful tax competition among EU member countries on March 7th 2018, publishing European Semester country reports that identify seven EU countries as potentially facilitating tax avoidance by multinationals.
February 27th 2018 saw the European Commission begin a consultation period dealing with the fight against VAT fraud on cross-border online sales to final consumers.
February 15th saw the European Commission launch a compliance check to assess whether VAT refunds to business in EU Member States are in line with both current EU law and case law of the European Court of Justice. In essence they wish to assess whether businesses are refunded quickly enough in all Member States. The press release can be found here.
Further to a previous report, January 23rd 2018 saw the EU remove eight countries, including Panama and South Korea, from its list of tax havens, just weeks after first publishing the blacklist.
Further to a previous article we can now report that Hungary and Ireland have reaffirmed they will not accept any efforts by the European Union to harmonise corporate and other tax rules.
Following mounting pressure from campaigners, Facebook has agreed to make voluntary changes to its tax structure, so that it pays tax in the country where profits are earned, rather than re-routing it via its Irish headquarters.
The change comes following revelations of tax avoidance schemes by multinationals which has subsequently led the EU to look at ways of taxing digital giants such as Facebook who book profits in low tax countries like Ireland.
On 5th December, the EU Finance Ministers gathered in Brussels for the latest ECOFIN meeting, agreed that 17 countries did not meet the tax good governance standards.
The list, which is the first ever produced by the EU, includes the following countries:
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