The European Parliament voted overwhelmingly in favor of the Anti-Tax Avoidance Directive, proposed by the European Commission in January 2016, which aims at tightening rules against tax avoidance. At the same time, the parliament has also set up a “Panama Papers” inquiry committee to investigate alleged contraventions and maladministration.
The proposal aims to ensure that tax is being paid in the country where profits are made. It clarifies the common definitions to be applied among the EU states. Some of the proposals are:
On June 8, the European Parliament also agreed to set up an inquiry committee into the “Panama Papers” data. The committee will investigate alleged contraventions and maladministration in the application by the European Commission or member states of EU laws on money laundering, tax avoidance and tax evasion. It will have 65 members and twelve months to present its report, the Parliament informed.
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