Wednesday, May 18, 2016

EU's Says Tax Avoidance Advisers Must Be Punished - Does That Apply to US Advisors?

EU's Tax Body Says Tax Avoidance Advisers Must Be Punished preview imageAs US advisors this provision doesn't appear to apply to us. However, if your providing advice on using Ireland as a financing strip out vehicle for European investment or using Luxembourg as a royalty strip out vehicle for European sales; then this provision could very well apply to you!
A European Parliament tax committee is calling for sanctions against banks, lawyers and other advisers who assist with aggressive tax planning, in addition to blacklisting and penalizing tax havens that don’t comply with international tax reforms, according to a draft report released Tuesday.

The Special Committee on Tax Rulings said that information contained in the Panama Papers on how offshore shell companies can be used to escape tax liabilities highlights an “urgent need” for the European Union to fight tax evasion and avoidance.

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