EU Parliament To Launch Permanent BEPS Subcommittee

发布时间:2020-06-22 15:47:31 点击数: 4

The European Parliament is to create a new permanent subcommittee that will look into initiatives to tackle tax fraud, tax evasion, and tax avoidance and seek improvements to financial transparency for taxation purposes.


The decision to establish the subcommittee, with 30 members, was welcomed by the European Commission, which noted the European Parliament's important involvement in driving forward a number of tax compliance-related initiatives.


Paolo Gentiloni, Commissioner for Economy, said: "The European Parliament has for many years been an essential partner of the Commission in the fight against tax fraud and tax evasion. I am certain that this new subcommittee will become a key forum to take forward that fight, in the interest of honest citizens and businesses throughout Europe."


Previously work was undertaken by temporary subcommittees – most recently the TAX3 special committee, which, among other things, looked at the base erosion and profit shifting effect of tax rulings and other measures similar in nature or effect.


Its work covered a wide range of topics from corporate and individual taxation, VAT, anti-money-laundering, and international aspects, as well as specific issues such as the role of intermediaries, the protection of whistleblowers, and interinstitutional aspects and challenges.


Further revelations broadened its work to financial crimes related to dividend-stripping and coupon-washing (relating to the cum-ex scandal) and to several cases of money laundering involving banks in EU member states, which it considered had revealed underlying weaknesses in the current financial supervisory system, set up to prevent money laundering.


Based on a report on its activities released in March 2019, its work was also to increase scrutiny of member states' tax systems, and of letterbox companies, free ports and residency or citizenship by investment programs. It was to attempt to highlight the need to strengthen the investigatory capabilities (within the framework of Europol) and the feasibility of extending measures existing at national level for the fight against money laundering (such as unexplained wealth orders).

(Resource: Wolters Kluwer Global Daily Tax News  Date: 2020-06-22)

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