EU TO FORCE INTERMEDIARIES TO REPORT TAX AVOIDANCE

Banks, accountants and lawyers that design or promote tax planning schemes to clients will have to report any that could be aggressive to national tax authorities under a new European Union (EU) directive on transparency requirements for tax intermediaries. The reporting rules, approved at a March 13 meeting of the EU Council of Ministers (Ecofin), will apply from July 1, 2020, and member states will have to fine intermediaries that fail to report. Hallmarks for “reportable cross-border arrangements” are listed in an annex to the directive. These identify ...


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