During two meetings of the European Parliament’s Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion (PANA) that will take place on April 27, 2017 and May 2, 2017 the findings of three studies that have been commissioned by the PANA Committee will be presented to its Members of the PANA Committee.
During the meetings a.o. the following reports will be presented to the Members of the PANA Committee:
· The Impact of Schemes revealed by the Panama Papers on the Economy and Finances of a Sample of Member States
· Fighting tax crimes – Cooperation between Financial Intelligence Units (Ex-Post Impact Assessment)
· Presentation of a preliminary analysis of the performance of the Member States' competent administrative and judicial authorities when it comes to tax evasion, tax avoidance and money laundering. It is based on answers from Member States in response to a questionnaire.
The Impact of Schemes revealed by the Panama Papers on the Economy and Finances of a Sample of Member States
The study explores the concepts and roles of tax havens and offshore financial centres, their budgetary, and the economic and financial impacts in a sample of EU Member States. The research combined previous estimates of tax revenue loss with a microeconomic assessment based on data on companies that are thought to be linked to the Panama Papers schemes. The most significant impacts identified are the negative effects on Member States’ budgets, with wider knock-on effects on economic growth and financial markets. It is recommended that further steps are taken at the national, EU and international levels to increase transparency of corporate and individual taxation and to limit the scope for tax evasion and tax avoidance.
Click here to be forwarded to the study as available on the website of the European Parliament.
Fighting tax crimes – Cooperation between Financial Intelligence Units (Ex-Post Impact Assessment)
More information on this study that was released on March 15, 2017, as well as a link to the study, can be found in our article from March 16, 2017.
The Member State contributions
The Member State contributions are available on the website of the PANA Committee.
The session of April 27, 2017
This session is planned to take place on April 27, 2017 from 14.30 – 18.00 CET. A live webstream of the meeting will be available here.
The presentations are broken down in two panels.
Panel 1
Experts will present an evaluation the overall impact of tax havens and offshore areas on the EU and Member States from a financial, economic, budgetary point of view. The study recalls the key legislation in place within Europe and in the rest of the world to limit the impact of tax havens and offshore areas and proposes a number of rules to effectively strengthen current legislation to better combat the negative effects of tax havens.
Panel 2
Presentation of a preliminary analysis of the performance of the Member States' competent administrative and judicial authorities when it comes to tax evasion, tax avoidance and money laundering. It is based on answers from Member States in response to a questionnaire. The questionnaire requested information on the relevant national legal definition(s) of tax-related crimes, the organisation of tasks between national administrations and the judiciary, staff resources and working methods, as well as on the results achieved to date.
The session of May 2, 2017
This session is planned to take place on May 2, 2017 from 15.00 – 18.30 CET.
Panel 1
Experts will present the findings and recommendations of two studies focusing on intermediaries that play a role in offshore schemes. The first looks into the roles of advisors and intermediaries in the schemes revealed in the Panama Papers, the second at rules on independence and responsibility regarding auditing, tax advice, accountancy, account certification services and legal services.
Panel 2
Three presentations of analyses of tax evasion, money laundering and tax transparency in the EU Overseas Countries and Territories (OCTs) of the Netherlands, the United Kingdom and of France.
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