Updated March 11, 2016
On February 26, 2016 we already reported that the European Parliament's Special Committee on Tax Rulings and Other Measures Similar in Nature or Effect (TAXE 2) invited several multinational corporations for its meeting of March 15, 2016. However, these multinationals were not the only parties TAXE 2 invited to attend one of its meetings. TAXE 2 also invited a selection of interesting jurisdictions to exchange views during either TAXE 2’s March 14th or TAXE 2’s March 15th meeting.
TAXE 2 invited: Andorra, Cayman Islands, Guernsey, Isle of Man, Jersey, Liechtenstein and Monaco. Based on the invitation letters sent out, TAXE 2 would like to discuss the specific features of the corporate tax system of the respective jurisdictions as well as recent developments both at the EU and OECD levels in relation to the issues of tax avoidance, exchange of information and base erosion and profit shifting (BEPS).
Andorra, Guernsey, Jersey, Liechtenstein and Monaco have accepted the invitation. The Chief Minister of the Isle of Man has answered that he is unable to attend a meeting since on March 15 the Parliament of the Isle of Man will be in sitting. According to TAXE 2 it did not receive a reply from the Cayman Islands.
With respect to Andorra’s reply it might be interesting to note that in his reply the Minister of Finance of Andorra states:
“In this regard, I would like to stress you that Andorra had initiated a transformation process some years ago and it is strongly committed with transparency, international standards of exchange of information and the consolidation of the national fiscal and economic regulatory framework.
Nevertheless, we want to express you that Andorra is strongly concerned of being qualified as a less cooperative jurisdiction or tax haven as it happened recently in the TAXE 2 Committee from 14th January. We believe that during the last years we have showed the great importance for Andorra of all issues concerning financial transparency and good governance. Indeed, Andorra has engaged with the OECD and with the European Union to introduce the global standard OECD on automatic exchange of information in tax matters in 2018 and has done important steps in order to achieve it. Andorra also participates from its creation in the Global Forum AEOI Group.
In view of all the efforts incurred by our 8tate, we are surprised that we remain qualified as a less cooperative jurisdiction or tax haven. We understand that this qualification is not in line with the country's reality and it does not take into account the efforts and commitments undertaken by the Andorran Government. We believe that the working meeting of March 15th will be a good opportunity to demonstrate to the members of the European Parliament the great commitment of our country.”
TAXE 2 will exchange views with representatives from Guernsey and Jersey on March 14, 2016 (the meeting will start at 15.00 CET). Subsequently on March 15, 2016 TAXE 2 will have a meeting with representatives from Andorra, Liechtenstein and Monaco (this meeting will also start at 15.00 CET).
Furthermore the joint reply from the Chief Ministers of Guernsey and Jersey is a very interesting one to read. They have annexed as part of their letter a note summarising the tax cooperation between the Channel Islands and the European Union. The joint reply of the Chief Ministers of Guernsey and Jersey can be found here.
At the moment we were not able to find links where to the websites of EPTV where the meetings will be broadcasted. As soon as we are able to locate these links, we will update this article.
Update:
A live webcast of the meeting of TAXE 2 with representatives of Guernsey and Jersey (March 14, 2016: 15.00 – 18.30 CET) will be available here.
A live webcast of the meeting of TAXE 2 with representatives of Andorran, Liechtenstein Monaco (March 15, 2016: 09.00 – 12.30 CET) will be available here.
Copyright – internationaltaxplaza.info
Are you looking for a motivated new colleague? Then place your job ad on International Tax Plaza!
and
Stay informed: Subscribe to International Tax Plaza’s Newsletter! It’s completely FREE OF CHARGE!