Deutsche Bank again in the middle of the US-EU economic skirmishes

Deutsche Bank Towers – Headquarters in Frankfurt am Main, Germany. Taking a look into the lobby. (Deutsche Bank Audiovisual Service).

The US government is reacting in many ways against the fine in back taxes of €13 billion which the European Commission imposed on Apple. Firstly, Jack Lew, the American Secretary of the Treasury, accused the EU of grabbing tax incomes which belong to the US. On 31st August he said, “What’s not appropriate is for, […]

Are the G20 leaders ready to curb corporate tax-avoidance?

G20 Summit in Hangzhou, China. Group photo, from left to right,
in the 1st row: Michel Temer, President of Brazil, Joko Widodo, President of Indonesia, Enrique Peña Nieto, President of Mexico, Jacob Zuma, President of South Africa, Barack Obama, President of the United States, Angela Merkel, German Federal Chancellor, Xi Jinping, President of the People's Republic of China, Recep Tayyip Erdoğan, President of Turkey, Vladimir Putin, President of Russia, François Hollande, President of the French Republic, Park Geun-hye, President of South Korea, Mauricio Macri, President of Argentina, and Narendra Modi, Indian Prime Minister,
in the 2nd row: Mohammed bin Salman, Vice-Prince of Saudi Arabia and Saudi Arabian second Deputy Prime Minister, Theresa May, British Prime Minister, Malcolm Turnbull, Australian Prime Minister, Matteo Renzi, Italian Prime Minister, Bounnhang Vorachith, President of Laos, Noursoultan Nazarbaïev, President of Kazakhstan, Idriss Déby, President of the African Union and President of Chad, Macky Sall, President of Senegal, Abdelfatah Khalil al-Sisi, President of Egypt, Shinzō Abe, Japanese Prime Minister, Justin Trudeau, Canadian Prime Minister, Donald Tusk and Jean-Claude Juncker,
in the 3rd row: Mark Carney, Chairman of the Financial Stability Board, Roberto Azevêdo, Director-General of the World Trade Organization (WTO), Christine Lagarde, Managing Director of the International Monetary Fund (IMF), Prayut Chan-o-cha, Thai Prime Minister, Lee Hsien Loong, Singaporean Prime Minister, Mariano Rajoy Brey, Spanish Prime Minister, Ban Ki-moon, Secretary General of the United Nations, Jim Yong Kim, President of the World Bank, Guy Ryder, Director-General of the International Labour Organization (ILO), and Angel Gurría, Secretary General of the Organisation for Economic Co-operation and Development (OECD). (Date: 04/09/2016. Location: Hangzhou. © European Union, 2016 / Source: EC - Audiovisual Service/ Photo: Etienne Ansotte).

Last Monday, the G20 meeting in Hangzhou – the capital of China’s eastern Zhejiang province – the first gathering of the 20 world leaders to be held in the vast country, was not marked by the determination to face up to economic misery and the pitiless wars in Syria, Libya, South Soudan, Yemen, Mali and […]

The representatives of the regions and the cities know better what the EU needs on migration, trade, poverty and taxation

'RegioStars' Awards ceremony 2015. The RegioStars awards honor Europe's most inspirational and innovative regional projects supported by EU Cohesion Policy Funds. An independent RegioStars Awards Jury, chaired by Lambert Van Nistelrooij, Member of the EP, selected 17 finalists from 143 entries and four winners. From left to right: Lambert van Nistelrooij, Jakub Adamowicz, Spokesperson of the European Commission, Corina Creţu, Member of the EC in charge of Regional Policy and Giulia Veneziano, Italian winner of RegioStars 2015 in the category 3: Inclusive Growth - Diritti a scuola. (EC Audiovisual Services, 13/10/2015, Location: Brussels - Palais des Beaux-Arts. © European Union, 2015 / Source: EC - Audiovisual Service ,Shimera / Photo: Jacquemart Jennifer).

The 115th plenary of the European Committee of the Regions (CoR) was convened on 3 and 4 December and discussed a number of burning issues, which have been haunting the European Union during the last difficult years. The CoR is the voice of regions and cities of the European Union. Its 350 members are the […]

The EU Parliament blasts the Council about the tax dealings of the wealthy

European Parliament. Joint meeting of the Committee on Economic and Monetary Affairs (ECON) and the Special Committee on Tax Rulings and Other Measures Similar in Nature or Effect (TAXE). Exchange of views between the TAXE Committee President Alain Lamassoure (on the left) with Commission President Jean- Claude Juncker and Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici (on the right). (European Parliament Audiovisual Services. Event Date: 17/09/2015. Copyright: © European Union 2015).

The European Parliament once more honored its role as the authentic exponent of the will of the European citizens. Last Tuesday it dismissed as a “missed opportunity” the EU Council’s decision to water down the mandatory exchange of the ‘tax rulings’ between member states. A ‘tax ruling’ is a special taxation arrangement accorded to a […]

The EU to fight cross-border tax evasion with a toothless directive

Cross-border tax rulings. EU Ministers of Finance met on 6 October 2015 in Luxembourg to discuss cross-border corporate tax rulings and some other important issues. Companies active in more than one EU countries pay on the average at least 30% less taxes than their peers operating only in one member state. (European Council – Council of the European Union, Shoot date: 06/10/2015, Location: Luxembourg, Luxembourg).

On Tuesday 6 October the powerful Economic and Financial Affairs Council of the European Union, the well know ECOFIN group, took a decision advertised to be monumental. For the first time ever the 28 EU countries agreed to shed some light on the ‘tax rulings’, as well as at the ‘advance pricing arrangements’. These are […]

The Commission unsuccessfully pretends to want curbing of tax evasion

Press confeence by Algirdas Šemeta, Member of the European Commission in charge of Taxation, Customs, Statistics, Audit and Anti-Fraud on the adoption by the EC of a proposal to amend the Parent-Subsidiary Directive. (EC Audiovisual Services 25/11/2013).

The European Commission, after having facilitated for decades the tax avoidance and evasion practices of multinationals with the ‘Parent-Subsidiary Directive’, yesterday decided to just reduce the size of the extra-large loop holes the big multinationals use for years to avoid and evade taxation. With a Press release issued yesterday, the Commission almost recognised that it […]

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

General view of EU/Russia Summit, 03-04/06/2013 (EC Audiovisual Services).

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 […]

Tax evasion and fraud threaten the European project

European Parliament Special committee on organised crime, corruption and money laundering with commissioner Algirdas Šemeta in charge of Taxation and Customs Union, Audit and Anti-fraud in the forefront, (European Parliament Audiovisual Services, 7/5/2013).

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 […]