News

Details of the Fifth Anti-Money Laundering Directive

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.


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.


US criticises EU's strict treatment of American companies in Europe

The US Treasury has criticised the European Commission's (EC) policy of penalising American multinational companies for avoiding tax via state aid deals with individual EU member states.


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.


Additional 19 countries join the enhanced BO reporting requirements

HM Treasury in the UK have announced that an additional 19 countries have now joined the pilot project led by the UK with the help of France, Germany, Italy and Spain for the automatic exchange of information for all company beneficial owners.


EU Data Protection Reform Agreement Reached

Towards the year end of 2015, after lengthy negotiations, the European Parliament agreed on the final text of the data reform package.


Swiss banks under pressure to disclose client affairs

It is the first large-scale request for assistance with tax-related banking information that Switzerland has received from a country other than the United States.