EU PARLIAMENT TO LAUNCH TAX INQUIRY IN THE WAKE OF THE PARADISE PAPERS

Accountancy Age on 9th February reports that the European Parliament has voted in favour of launching a special committee, provisionally entitled Taxe 3, to tackle financial crimes, tax evasion and tax avoidance.  Taxe 3 will comprise of a committee of 45 MEP and the inquiry will run for 12 months.  In the context of the Paradise Papers and Brexit, it is said that the committee will give particular attention to the British Crown Dependencies and Overseas Territories, and that Portugal, Italy, Malta and Cyprus will also be looked at for providing such “distorting privileges”.

https://www.accountancyage.com/2018/02/09/eu-parliament-launch-tax-inquiry-wake-paradise-papers/

Seealso –

PARADISE PAPERS: EU PARLIAMENT VOTES TO LAUNCH TAX INQUIRY

The Guardian reported on 8th February that the EU parliament has voted to launch an inquiry, consisting of a special committee of 45 MEP, into financial crime, tax evasion and tax avoidance, saying that the Paradise papers had revealed the “unfinished work” needed to secure fair taxation.  Taxe 3 will spend a year investigating issues including those raised in the leak of data from the offshore law firm Appleby.  It says that a key focus for the inquiry will be the use of offshore tax havens to save on VAT. The leak exposed how the Isle of Man had issued £790 million in VAT refunds to the owners of 231 private jets.

https://www.theguardian.com/news/2018/feb/08/paradise-papers-eu-parliament-votes-launch-tax-inquiry

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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