Advisors, accountants and lawyers must report 'aggressive' schemes
The European Union has revealed plans for a major clampdown on tax secrecy in its member states.
On Tuesday (13 Mar) the European Council agreed to a proposal designed to increase the transparency and scrutiny of 'cross-border tax planning'.
The measures require tax advisors, accountants and lawyers that create and promote structures to reports schemes which may be considered 'aggressive' to the EU.
Penalties will be imposed on those who do not comply, with member states asked to implement the new requirements by 2020.
The Isle of Man's VAT arrangements on the import of luxury jets are currently being investigated by the EU's anti-fraud body, as well as UK tax officials.
More information can be found here: http://www.consilium.europa.eu/en/press/press-releases/2018/03/13/corporate-tax-avoidance-agreement-reached-on-tax-intermediaries/
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