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Europe adopts Osborne’s tax transparency policy

A number of British crown dependencies and member states in the EU have responded to Chancellor George Osborne’s plea for global tax transparency, with tax authorities looking to crack down further on evasion.

Key allies in the EU, Spain, Italy, France, Germany, and the United Kingdom have pledged to share information on company beneficial ownership registers. This is the latest bid by European powerhouses to combat tax evasion offshore, after the recent Panama Papers incident.

Crown dependencies Montserrat, Isle of Man and Gibraltar have also joined the initiative, which means that their law enforcement and tax agencies will be sharing information on company beneficial ownership registers.

Since the announcement was made by Osborne, an additional 19 countries joined the scheme, including Denmark, Ireland, Belgium, Sweden and the Netherlands.

Osborne said that the scheme is garnering a level of global support that is ensuring its effectiveness against financial wrongdoing and tax avoidance.

The Chancellor added:

“It should be clear to all countries and tax jurisdictions that the world is moving firmly in the direction of greater tax transparency and the UK will continue to push for an internationally agreed blacklist for those that refuse to do the right thing.”

Organisations all over Europe would be advised to ensure that every transaction is being recorded exactly where it should be if they wish to escape Osborne’s wrath. Certainly, local businesses would be advised to look to the services of an accountant in the Wirral if they wish to stay on the safe side.

Posted by Louise
April 27, 2016
Tax

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