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PANA committee of inquiry

At a Glance 05-12-2017

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' (PANA committee) was established in June 2016. Its report and the recommendation submitted for adoption by the European Parliament's December plenary session now pave the way for further monitoring and follow-up actions.

The present study places the potential effects of Economic Partnership Agreement (EPA) liberalisation on government revenue in signatory states within the broader context of regional integration and global liberalisation. Based on a review of the secondary literature it finds that the revenue effect may be severe in some, but by no means all, cases and that the forecasts now need to be updated by country-level studies using the details of liberalisation schedules actually agreed. The evidence also ...

Reforming international taxation is a complex and difficult matter that will be the subject of continual discussion and negotiation for years to come. Since most major players are willing to settle for incremental change toward a better system, the world should be able to do better than now when it comes to taxing international income flows relatively fairly and efficiently. Given the complexity of the issues at stake, expert views are likely to provide great real value added. In this vein, and at ...

Anti-tax-avoidance directive

Briefing 03-06-2016

The proposal for a directive on 'Rules against tax avoidance practices that directly affect the functioning of the internal market' is one of two legislative proposals of the 28 January 2016 European Commission 'anti-tax-avoidance package'. Linked with the OECD/G20 Base erosion and profit shifting action plan (BEPS), it targets schemes where corporate taxpayers operating businesses in several countries take advantage of disparities and loopholes to reduce their tax bills. The objective is to realign ...

Action to fight corporate tax avoidance has been deemed necessary in the OECD forum, where further impetus has been given via the G20/OECD 'Base erosion and profit shifting' action plan (known as BEPS), initiated in 2013. Applied in a substantially changed context, existing tax rules set up a century ago are not only outdated but have also been shown to have flaws that create opportunities for BEPS practices and thus need to be dealt with. The BEPS action plan has 15 actions covering elements used ...

Cyprus exited the IMF extended fund facility arrangement on 7 March 2016, more than two months before it was set to expire. Cyprus is also to exit the ESM financial assistance programme on 31 March 2016. Against this background, this note provides an overview of the latest economic, fiscal and financial sector developments in Cyprus and recalls the main elements of the above-mentioned programme. This note is an updated version of the briefing provided to the ECON Committee in view of an Economic ...

What the key features of aggressive tax planning mechanisms and measures used by multinationals with the aim of minimising corporate tax payments? How do favourable tax rulings work in practice? What is the role and functioning of certain EU groups/working parties in the area of corporate taxation? And how effective is the EU in promoting good tax governance principles? Adopting tax laws in the EU is a prerogative of national governments. In this context, what are the key challenges that tax EU ...

This note prepared by the Economic Governance Support Unit presents selected information on the current status of the EU economic governance procedures and related relevant information in view of an Economic Dialogue with Harris Georgiades, Minister of Finance of Cyprus, in accordance with the EU legal framework, in particular Article 2a of EU Regulation 1467 as amended by Regulation 1177/2011 and Article 7(10) of EU Regulation 472/2013.

This briefing prepared by the Economic Governance Support Unit is an update of a note that was initially provided to ECON Members in advance of an ad-hoc Exchange of views with Eurogroup President Jeroen Dijsselbloem and Managing Director of the ESM Klaus Regling, which took place on 10 November 2015.

The Group of Twenty (G20) was established in 1999 after a series of crises in emerging economies, as a forum of finance ministers and central bank governors. It comprises 'systemically important' developed and emerging economies (including the European Union) and its purpose is to improve coordination of global economic policies. Since 2008, the G20 has also met at the level of leaders, who hold annual summits organised by the rotating presidency. These gatherings are the culmination of a year-long ...