01 March 2016
EU to decide on international tax advice
International tax advice decision due
A potentially landmark month ahead for companies offering international tax advice in Luxembourg, with EU finance ministers hoping to reach an agreement by March on a directive that requires a unified EU approach to taxation, particularly in relation to wealthy individuals and large corporations.
A recent meeting, held in Brussels on February 12, was largely successful. Member states appeared to agree that multinationals should submit country-by-country, detailing such data as revenues, profits, income tax paid and the number of employees a company has.
However, in other news for clients of international tax advice in Luxembourg, EU ministers were less enamoured with proposed new rules demanding a stricter approach to deductibility, controlled foreign corporation rules and hybrid mismatch rules.
UK Chancellor George Osborne said ministers should make progress on BEPS agreements and transfer pricing a priority.
Similarly, Luxembourg finance minister Pierre Gramegna expressed his view that the OECD/G20 BEPS stipulations in the anti-tax avoidance directive should be the first item on the agenda for ministers, but warned that ministers should first receive an impact assessment to help them gain a better understanding of the key issues, particularly the competitiveness or otherwise of the EU.
Creatrust
Creatrust assists corporate clients to establish in Luxembourg, and for incorporation, administration, tax compliance and payroll services.
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