- Details
On May 25, 2016 on the website of the Council of the European Union the following council conclusions (from the ECOFIN meeting from May 25, 2016) on an external taxation strategy and measures against tax treaty abuse were published.
- Details
On May 25, 2016 the Economic and Financial Affairs Council (ECOFIN) adopted rules on the reporting by multinational companies of tax-related information and the exchange of that information between member states.
The directive implements the recommendations made by the OECD, on country-by-country reporting by multinationals (Action 13 of the G20/OECD’s BEPS Action Plan), into a legally binding EU instrument. It covers groups of companies with a total consolidated group revenue of at least €750 million.
Read more: EU – ECOFIN adopts rules on the exchange of tax-related information on multinationals
- Details
During its meeting of May 25, 2016, the Economic and Financial Affairs Council (ECOFIN) adopted a directive maintaining the minimum standard VAT rate at 15% until December 31, 2017.
Read more: EU – The 15% Minimum standard VAT rate is extended until December 31, 2017
- Details
In this edition: OECD – Global tax and transparency: We have the tools, now we must make them work; Singapore – IRAS e-Tax Guide - GST: Guidelines on Determining the Belonging Status of Supplier and Customer; Singapore – GST: Providing International Services (Updated content); Singapore – Updates on FATCA webpage (Updated content);
Read more: International Tax Plaza’s Quick News from May 25, 2016
- Details
On May 24, 2015 the European Parliament issued a press release announcing that on May 23, 2016 the European Parliament’s Economic and Monetary Affairs Committee (Hereafter: ECON) approved the text (and amendments made to it) of a Draft Report on the proposal for a Council directive laying down rules against tax avoidance practices that directly affect the functioning of the internal market (COM(2016)0026 – C8-0031/2016 – 2016/0011(CNS)) (rapporteur: Hugues Bayet). ECON approved the text of the report by 20 votes to 15, with 21 abstentions. According to the press release issued by the European Parliament, this outcome was closer than expected because at the last minute - during the voting - the EPP group decided to vote blank due to the large number of amendments by centre-left groups backed by small majorities. By approving, the report ECON welcomed the European Commission's proposal for an EU anti-tax avoidance directive. However, it should be noted that in some cases ECON calls for even stricter Anti Tax Avoidance measures than those proposed by the European Commission.
Page 2 of 4
