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EC to agree to anti-tax avoidance scheme

The European Commission could be set to agree to a widespread anti-tax avoidance scheme that it believes will place Europe in prime position to combat tax avoidance.

VC Valdis Dombrovskis spoke in Brussels at the ECOFIN press conference last week when he said that after a lengthy period, all 28 of the member states agreed on the Anti-Tax Avoidance Directive in principle. The Commission first published the directive in January.

The EC, which was criticised for the way it handled tax avoidance after the Panama Papers, is hopeful that next week will see the directive fully implemented. The plan for the directive is to close a large number of channels that tax planners most commonly use to minimise tax bills.

The VC said that the compromise that was reached is an important part of addressing concerns by the Member States.

He added:

“But for the commission, it is crucial that there is a clear date by when common rules need to apply to everybody to fully implement the OECD BEPS standards. We have been emphasising many times that Europe wants to be in a leading position in the fight against tax avoidance and also in implementing global standards.”

Whether it’s HMRC or Europe-wide clampdowns, life is undoubtedly becoming harder for tax avoiders. It also makes it imperative that legit businesses ensure that no errors are made on their returns. Employing the services of an accountant in the Wirral would certainly be the best way to ensure an error-free return.

Posted by Louise
June 24, 2016
Tax

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