Accountants to Face Higher EU Scrutiny on Aggressive Tax Planning

European Union finance ministers agreed new measures on Tuesday to force accountants and banks to report aggressive tax schemes that help companies shift profits to low-tax countries.

Ministers also added the Bahamas, the U.S. Virgin Islands and Saint Kitts and Nevis to a blacklist of tax havens, while Bahrain, the Marshall Islands and Saint Lucia were delisted, confirming earlier Reuters reports.

Under the rules, proposed by the European Commission in June, accountants, banks and lawyers would be required to inform authorities about “potentially aggressive tax planning arrangements” set up for their clients. The 28 EU states will also share information on harmful tax planning in a bid to discourage the most aggressive tax avoidance schemes.

“It is a new progress for tax justice in the European Union,” EU tax commissioner Pierre Moscovici told ministers after they agreed the overhaul.Read More…

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