European finance ministers have agreed on a proposal for tax authorities to be given access to information on the beneficial ownership of companies with effect from 1 January 2018.
European finance ministers have agreed on a proposal for tax authorities to be given access to information on the beneficial ownership of companies with effect from 1 January 2018. The proposal is one of a number of measures set out by the European Commission in July, in the wake of the ‘Panama papers’ revelations.
This will require amendments to the directive on administrative cooperation, enabling tax authorities to receive information on the beneficial ownership of intermediary entities and other relevant customer due diligence information held by authorities responsible for the prevention of money laundering. The changes will require unanimity within the Council, once the EU parliament has given its opinion.
ECOFIN also reached agreement on the criteria and process for the establishment of an EU list of non-cooperative jurisdictions. Screening is due to be completed by September 2017, so that the Council can endorse the list of non-cooperative jurisdictions by the end of 2017. See the Council’s conclusions at http://bit.ly/2fe7heR.
European finance ministers have agreed on a proposal for tax authorities to be given access to information on the beneficial ownership of companies with effect from 1 January 2018.
European finance ministers have agreed on a proposal for tax authorities to be given access to information on the beneficial ownership of companies with effect from 1 January 2018. The proposal is one of a number of measures set out by the European Commission in July, in the wake of the ‘Panama papers’ revelations.
This will require amendments to the directive on administrative cooperation, enabling tax authorities to receive information on the beneficial ownership of intermediary entities and other relevant customer due diligence information held by authorities responsible for the prevention of money laundering. The changes will require unanimity within the Council, once the EU parliament has given its opinion.
ECOFIN also reached agreement on the criteria and process for the establishment of an EU list of non-cooperative jurisdictions. Screening is due to be completed by September 2017, so that the Council can endorse the list of non-cooperative jurisdictions by the end of 2017. See the Council’s conclusions at http://bit.ly/2fe7heR.
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")