ECOFIN: Protecting bankers and tax-evaders

It is customary for the European Union, when the club cannot arrive at a decision acceptable by everybody, the outcome is a distorted compromise. Of course, the burning issue of the resolution of failing banks could not depart from this rule yesterday at the ECOFIN Council, with the 28 ministers of Finance discussing this issue […]

Is it true that the G20 wants to arrest tax evasion of multinationals?

Last Saturday the ministers of Finance of the G20 council agreed in Moscow to tackle global tax evasion by adopting a 15-point OECD Action Plan, which supposedly will give governments the domestic and international arms they need to combat tax Base Erosion and Profit Shifting (BEPS). The responsible European Commissioner for tax issues Algirdas Šemeta […]

The EU Parliament endorses tax on financial transactions

The European Parliament yesterday gave its final go ahead for the introduction of the Financial Transaction Tax (FTT) to be applied in the 11 Eurozone member states, which had initially accepted this Commission proposal. The European Parliament has a consultative role on tax matters. Consequently now it’s up to the 11 participating countries in this […]

Commission presents far-reaching anti-tax evasion measures

As from January 2015 dividends, capital gains and all other financial incomes and bank account balances will be added to the currently existing restricted list of categories subject to the automatic exchange of information between the EU tax authorities, according to a proposal by the EU Commissioner Algirdas Šemeta. Practically today only interest on bank […]

EU: Tax evasion and fraud flourish under political protection

It is a disgrace for the European Union’s political elite to consciously block the internal exchange of information between the member states authorities and banks on matters related to tax evasion and fraud. This is exactly what the 27 EU minister of Finance did yesterday in the Ecofin Council in Brussels. This unbelievable political decision […]

Tax evasion and fraud threaten the European project

Tax evasion and avoidance has been a perennial issue from the moment taxation was invented. Presently the European Commission estimates that in the EU of 27 member states, tax avoidance and fraud runs up to €1 trillion yearly, more than enough to foot the bill of government deficits that plague the EU economy and have […]

EU ready to relinquish its internal tax havens

The upcoming Ecofin and Eurogroup meetings in Dublin on 12 and 13 April may be informal but they are expected to introduce a ground breaking policy initiative. The new idea is that the 27 European Union countries should mutually abolish their banking secrecy rules and practices vis-à-vis the tax authorities of all member states. In […]