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As we reported on February 12, 2017 the Chairman of the European Parliament’s Committee of inquiry to investigate alleged contraventions and maladministration in the application of Union law in relation to money laundering, tax avoidance and tax evasion (Hereafter: PANA) has published information requests which he has sent to the Governments of the EU Member States. In his letter the Chairman of PANA requests the highest political level of responsibility of each respective EU Member State to provide PANA with information about the relevant national legal definition(s) of tax-related crimes, about the organization of tasks between the national administrations and the judiciary and about staff resources and working methods, as well as about the results achieved to date.
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As we reported earlier the European Parliament’s Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion (PANA) is holding a series of three hearings to look specifically into the roles played by banks, accountants and lawyers in the setting-up of secret offshore constructions for their clients.. The first of these hearings took place on January 24, 2017 and focused on the professions in general. . The second hearing took place on February 9, 2017 and zoomed in on the Scandinavian and German practices. The third and final hearing in the series of 3 will be held on March 6, 2017 and will focus on the roles of bankers, lawyers and accountants in the Panama Papers revelations in France and Switzerland.
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After the third series of corporate tax reforms was rejected during the referendum of February 12, 2017, the Swiss Federal Council announced its intentions to swiftly draw up a new tax proposal. During its meeting on February 22, 2017, the Swiss Federal Council instructed the Swiss Federal Department of Finance (FDF) to draw up the substantive parameters for a new tax proposal by mid-2017 at the latest. The FDF was also requested to provide input on suggestions on how to proceed.
Read more: Swiss Federal Council intends to swiftly draw up a new tax proposal
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On February 21, 2017 the UK Government published draft legislation and an explanatory memorandum regarding the Corporate Interest Restriction Regulations 2017 (Consequential Amendments). The draft legislation contains proposed provisions for collective investment vehicles and securitisation companies under the Corporate Interest Restriction (CIR) Rules. The Regulations intend to ensure the rules relating to collective investment vehicles and securitisation companies continue to operate as intended under the CIR rules.
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On February 21, 2017 the Belgian Minister of Finance gave the following update regarding the working group on the Financial Transaction Tax:
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