G7 Attempts to Reconcile US & EU Tax Arrangements for Global Standard

Finance ministers of the G7 have voted to support the OECD's proposed new rules for taxing transnational corporations and international companies using revisions of current profit allocation and partnership regulations, as well as new global minimum tax regulations.

Fifth Anti-Money Laundering Directive Ready to be Implemented within Europe

The European Parliament last week voted with a landslide of approvals regarding the final wording of the Fifth Anti-Money Laundering Directive, supporting the multilateral agreement reached between Member States' ministers in December last year.

EC launches VAT reform consultation

The EC has launched a consultation regarding reforms surrounding EU legislation governing VAT rates.

German Finance Minister warns of UK’s tax position after leaving the EU

In an interview with the Financial Times, German Finance Minister & Politician, Mr Wolfgang Schauble has claimed that the current G20 regulations regarding tax avoidance would limit the UK’s aptitude to give tax breaks to companies where due after leaving the European Union.

OECD launches survey on tax certainty for all European businesses

The OECD was given a commendation from Finance Ministers & G20 Leaders to continue work on solutions to support increased certainty in the tax system in order to promote balanced growth, and increase trade and global growth.

Plans for budget surplus in 2020 abandoned

Philip Hammond, the new Chancellor of the Exchequer has stated that the fiscal policies in the UK that were outlined by George Osborne were correct for that time in the UK. However, they had to be changed as there will no longer have a surplus target at the end of this parliamentary period.

What was the blacklist report that was released by the EC last month?

Last month, the EU Commission (EC) published a “black list” of jurisdictions that are non-cooperative. This list was comprised of 30 countries, which seemingly have been found to not meet transparency standards that are in line with the rest of the European Union.

The Federal Council agree on data sharing with 7 new jurisdictions

Last month, the Federal Council in Switzerland announced that it would be officially implementing the report that was released, regarding the introduction of the automatic exchange of financial information with Jersey, the Isle of Man, Japan, Canada Iceland, Guernsey and Norway which has been submitted to Parliament for approval.

Country-by-Country Reporting to be established by 2017 in all EU jurisdictions

All companies within the EU with total income of over €750m will be obligated to send all data concerning monthly revenue, profits, tax paid, earnings, all tangible assets and the total number of people employed by the company.

The EU lost $1B to fraudulent claims in 2015

Last year, figures have been released showing that approximately $1 billion of EU funds were paid out to fraudulent Claimants, with the highest number of false claims suspected coming from Hungary, Bulgaria and Romania data within Europe.