EU

Amazon and Apple caught in latest EU tax crackdown

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Source: bbc.co.uk 4 October 2017

The European Union has launched a fresh crackdown over taxes paid by tech giants Amazon and Apple.

Amazon has been ordered to repay €250m (£221m; $293m) in back taxes after the European Commission said it had been given an unfair tax deal in Luxembourg.

The Commission also plans to take Ireland to court over its failure to collect €13bn of back taxes from Apple.

Source article here

 

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“EU Citizenship for Sale: Legal Scheme Allows Corrupt Politicians and Businessmen to Slip into the EU”

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Source: occur.org 18 September 2017

“Russian and Ukrainian oligarchs suspected of corruption are among hundreds who have acquired EU passports under the “golden visa” program – a bourgeois shortcut to European citizenship in exchange for cash investments, the Guardian reported Sunday.”

“The paper claims that Cyprus alone has made over $US 4 billion selling passports to international oligarchs, “granting them the right to live and work throughout Europe,” completely legally.

However, Cyprus is not alone. “The Golden Visa program for Spain, Portugal, Malta, Greece and Cyprus are the most prominent. Bulgaria and Hungary offer residency and citizenship by investment in Europe through government bonds,” the Golden Visa website claims.”

Source article here

 

MEPs vote to close loopholes for exploiting EU and third country tax differences

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Source: europarl.europa.eu, 27 March 2017

Economic and Monetary Affairs Committee MEPs have voted to close loopholes which allow some of the world’s largest corporations to avoid paying tax on profits by exploiting differences in the tax systems of EU and third countries.

These mismatches allow corporations established in two jurisdictions (inside and outside the EU) to use the lack of coordination between national tax systems either to have the same expenditure deducted in both jurisdictions (so the firm enjoys a double tax deduction), or to have a payment recognised as tax deductible in one jurisdiction but not recognised as taxable income in the other.

The report now goes to the Council for its consideration.

Source press release here

 

Trade defence instruments at a glance

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Source article by Jones Day 10.03.2017 via The International Law Office

The field of trade defence instruments (TDIs) is among the most active in international trade law and their use could further increase as a result of the current wave of protectionism.

TDIs are measures imposed by countries in order to protect their markets when harmed by certain trade practices by exporters (dumping) or other governments (subsidisation), or by an unforeseen, sharp and sudden increase in imports. Read the rest of this entry »