Yesterday the European Commission proposed to the European Parliament tough new transparency rules for intermediaries (tax advisors, accountants, banks and lawyers), reports IFC Forum
Members of the Commission’s Taxation and Customs Union (led by Pierre Moscovici, Commissioner for Economic and Financial Affairs), presented the work to the Parliament. In the corresponding press release Moscovici states: “We are continuing to ramp up our tax transparency agenda. Today, we are setting our sights on the professionals who promote tax abuse. Tax administrations should have the information they need to thwart aggressive tax planning schemes. Our proposal will provide more certainty for those intermediaries who respect the spirit and the letter of our laws and make life very difficult for those that do not. Our work for fairer taxation throughout Europe continues to advance."
The Commission have stated “The Juncker Commission has made great strides in boosting tax transparency and tackling tax evasion and avoidance. New EU rules to block artificial tax arrangements, as well as new transparency requirements for financial accounts, tax rulings and multinationals' activities have already been agreed and are progressively entering into force. Proposals for stronger Anti-Money Laundering legislation, public Country-by-Country reporting requirements and tougher good governance rules for EU funds are currently being negotiated. In addition, a new EU list of non-cooperative tax jurisdictions should be ready before the end of the year.”