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EU compiles list of rebellious tax jurisdictions

The EU is to compile a first common list of jurisdictions that have been proven to be non-cooperative when it comes to tax. It will use a scoreboard to judge which jurisdictions make the list.

Member states of the EU will decide upon the countries that will be monitored more heavily to identify those failing to adhere with tax regulations.

In January this year, the Commission began a three-stage procedure for compiling the list as part of the EU’s wider plan to combat tax rules and evasion.

The goal is to release a list of jurisdictions failing to cooperate by 2018. The strategy has already received backing from the Member States and strong support from European Parliament.

Commissioner for economic and financial affairs, taxation and customs, Pierre Moscovici, said:

“The EU takes its international tax good governance commitments seriously. It is reasonable for us to expect the same from our international partners. We want to have fair and open discussions with our partners on tax issues that concern us all in the global community. The EU list will be our tool to deal with third countries that refuse to play fair.”

The scoreboard is designed to assist Member States in identifying those countries with which the EU would benefit from starting a conversation over tax.

With Brexit unlikely to be complete for at least another couple of years, accountants in the Wirral and all over the UK will remain tuned in to this. The best way not to be targetted in any government crackdown on tax evasion is to ensure that the books are in order.

Posted by Peter
September 26, 2016

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