Latest Plans to Tackle Tax Evasion Outlined 
Ahead of the G8 Summit which begins on Monday (June 17th) in Northern Ireland, the European Commission have unveiled its latest plans to tackle tax evasion within the European Union.

The issue of tax avoidance and evasion has been hotly debated over recent weeks, and the European Commission are now urging European Union governments to automatically exchange information on a wide range of financial income which is earned in their country by non-residents.

Under the proposals, governments would automatically exchange information on income including dividends and capital gains of non-residents, with the residents’ home country, enabling the correct tax to be taken.

The latest proposals by the European Commission, if approved, will build on existing agreements in place to tackle tax evasion, including the automatic exchange of non-residents’ savings – which is set to be strengthened by the end of the year.

In addition, the latest proposals by the European Commissions will build on the pilot multilateral exchange facility, which was set up in April between Britain, Germany, Spain and France; and sees the five countries share similar information to the information they share with the United States as part of FATCA, amongst themselves.

It is now widely expected that the European Union will push at the G8 Summit for a similar system to tackle tax evasion to be rolled out worldwide, enabling developing countries to collect more tax.

For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk




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