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[h=1]EU, France Ink Tax Exchange Agreement For St. Barts[/h]Share us on:TwitterFacebookLinkedInBy Ama Sarfo0 Comments
Law360, New York (February 18, 2014, 2:04 PM ET) -- The European Union and France inked an agreement Monday ensuring that popular vacation spot St. Barthelemy will continue to be governed by the EU’s tax transparency and exchange legislation after the island transitioned from an outermost region of France to an overseas territory.
St. Barts will continue to fall under the EU’s Savings Directive and its Administrative Cooperation Directive, and any amendments to the legislation will apply in St. Barts, according to the agreement, which was signed by Yannis Stournaras, president of the EU’s Economic and Finance Affairs Council, French Finance Minister Pierre Moscovici and Algirdas Semeta, European commissioner for Taxation and Customs Union, Audit and Anti-Fraud.
“EU instruments can only work effectively where they do not leave loopholes or shortcomings which can be used by tax planners in order to avoid taxation,” Stournaras said at the signing. “The signature of this agreement is therefore a strong expression of the willingness of France and the EU to ensure continuity and consistency in the fight against tax fraud and tax evasion.”
The Savings Directive established an information exchange that governs interest payments that an EU resident receives from banks, investment funds and other financial institutions located outside of his or her home state. The Administrative Cooperation Directive governs an information exchange meant to help EU member countries enforce their tax laws.
St. Barts shed its legal status as an outermost region of France — and hence the EU — in January 2012, granting the island greater economic and legal independence from the EU.
Monday’s signing is yet another advancement in the EU’s tax transparency and tax avoidance agenda, which has been a major issue for years.
Most recently, the EU’s antitrust chief said Feb. 11 that the European Commission has begun examining ways that it can use competition policy to remedy the use of tax loopholes by multinational corporations, noting that such conduct is rampant in certain tech sectors. European Competition Commissioner Joaquin Almunia revealed that within the last few months, his office has sent requests for information to certain member states where the commission has concerns regarding the consistency of the country's legal tax framework or its administrative practices.
And in November, the EU said it would update its corporate tax system in an effort to close loopholes that have allowed businesses to avoid paying European taxes. The EC introduced proposed amendments to its Parent-Subsidiary Directive, which was conceived two decades ago to eliminate double taxation among member states. The changes to the directive would require EU members to adopt standardized anti-abuse rules and eliminate tax exemptions for so-called hybrid loan arrangements.
--Additional reporting by Alex Lawson and Jonathan Randles. Editing by Emily Kokoll.
[h=4][/h]
Law Firms
Companies
Industries
Government Agencies
FCPA Powerhouses
Global 20
Innovative Managing Partners
Law360 400
MVPs of the Year
Most Feared Plaintiffs Firms
Practice Groups of the Year
Pro Bono Firms of the Year
Rising Stars
Top Female Trial Attorneys
[h=1]EU, France Ink Tax Exchange Agreement For St. Barts[/h]Share us on:TwitterFacebookLinkedInBy Ama Sarfo0 Comments
Law360, New York (February 18, 2014, 2:04 PM ET) -- The European Union and France inked an agreement Monday ensuring that popular vacation spot St. Barthelemy will continue to be governed by the EU’s tax transparency and exchange legislation after the island transitioned from an outermost region of France to an overseas territory.
St. Barts will continue to fall under the EU’s Savings Directive and its Administrative Cooperation Directive, and any amendments to the legislation will apply in St. Barts, according to the agreement, which was signed by Yannis Stournaras, president of the EU’s Economic and Finance Affairs Council, French Finance Minister Pierre Moscovici and Algirdas Semeta, European commissioner for Taxation and Customs Union, Audit and Anti-Fraud.
“EU instruments can only work effectively where they do not leave loopholes or shortcomings which can be used by tax planners in order to avoid taxation,” Stournaras said at the signing. “The signature of this agreement is therefore a strong expression of the willingness of France and the EU to ensure continuity and consistency in the fight against tax fraud and tax evasion.”
The Savings Directive established an information exchange that governs interest payments that an EU resident receives from banks, investment funds and other financial institutions located outside of his or her home state. The Administrative Cooperation Directive governs an information exchange meant to help EU member countries enforce their tax laws.
St. Barts shed its legal status as an outermost region of France — and hence the EU — in January 2012, granting the island greater economic and legal independence from the EU.
Monday’s signing is yet another advancement in the EU’s tax transparency and tax avoidance agenda, which has been a major issue for years.
Most recently, the EU’s antitrust chief said Feb. 11 that the European Commission has begun examining ways that it can use competition policy to remedy the use of tax loopholes by multinational corporations, noting that such conduct is rampant in certain tech sectors. European Competition Commissioner Joaquin Almunia revealed that within the last few months, his office has sent requests for information to certain member states where the commission has concerns regarding the consistency of the country's legal tax framework or its administrative practices.
And in November, the EU said it would update its corporate tax system in an effort to close loopholes that have allowed businesses to avoid paying European taxes. The EC introduced proposed amendments to its Parent-Subsidiary Directive, which was conceived two decades ago to eliminate double taxation among member states. The changes to the directive would require EU members to adopt standardized anti-abuse rules and eliminate tax exemptions for so-called hybrid loan arrangements.
--Additional reporting by Alex Lawson and Jonathan Randles. Editing by Emily Kokoll.
And an earlier relaterd article-
[h=1]EU, France Ink Tax Exchange Agreement For St. Barts[/h]Share us on:TwitterFacebookLinkedInBy Ama Sarfo0 Comments
Law360, New York (February 18, 2014, 2:04 PM ET) -- The European Union and France inked an agreement Monday ensuring that popular vacation spot St. Barthelemy will continue to be governed by the EU’s tax transparency and exchange legislation after the island transitioned from an outermost region of France to an overseas territory.
St. Barts will continue to fall under the EU’s Savings Directive and its Administrative Cooperation Directive, and any amendments to the legislation will apply in St. Barts, according to the agreement, which was signed by Yannis Stournaras, president of the EU’s Economic and Finance Affairs Council, French Finance Minister Pierre Moscovici and Algirdas Semeta, European commissioner for Taxation and Customs Union, Audit and Anti-Fraud.
“EU instruments can only work effectively where they do not leave loopholes or shortcomings which can be used by tax planners in order to avoid taxation,” Stournaras said at the signing. “The signature of this agreement is therefore a strong expression of the willingness of France and the EU to ensure continuity and consistency in the fight against tax fraud and tax evasion.”
The Savings Directive established an information exchange that governs interest payments that an EU resident receives from banks, investment funds and other financial institutions located outside of his or her home state. The Administrative Cooperation Directive governs an information exchange meant to help EU member countries enforce their tax laws.
St. Barts shed its legal status as an outermost region of France — and hence the EU — in January 2012, granting the island greater economic and legal independence from the EU.
Monday’s signing is yet another advancement in the EU’s tax transparency and tax avoidance agenda, which has been a major issue for years.
Most recently, the EU’s antitrust chief said Feb. 11 that the European Commission has begun examining ways that it can use competition policy to remedy the use of tax loopholes by multinational corporations, noting that such conduct is rampant in certain tech sectors. European Competition Commissioner Joaquin Almunia revealed that within the last few months, his office has sent requests for information to certain member states where the commission has concerns regarding the consistency of the country's legal tax framework or its administrative practices.
And in November, the EU said it would update its corporate tax system in an effort to close loopholes that have allowed businesses to avoid paying European taxes. The EC introduced proposed amendments to its Parent-Subsidiary Directive, which was conceived two decades ago to eliminate double taxation among member states. The changes to the directive would require EU members to adopt standardized anti-abuse rules and eliminate tax exemptions for so-called hybrid loan arrangements.
--Additional reporting by Alex Lawson and Jonathan Randles. Editing by Emily Kokoll.
[h=1]EU, France Ink Tax Exchange Agreement For St. Barts[/h]Share us on:TwitterFacebookLinkedInBy Ama Sarfo0 Comments
Law360, New York (February 18, 2014, 2:04 PM ET) -- The European Union and France inked an agreement Monday ensuring that popular vacation spot St. Barthelemy will continue to be governed by the EU’s tax transparency and exchange legislation after the island transitioned from an outermost region of France to an overseas territory.
St. Barts will continue to fall under the EU’s Savings Directive and its Administrative Cooperation Directive, and any amendments to the legislation will apply in St. Barts, according to the agreement, which was signed by Yannis Stournaras, president of the EU’s Economic and Finance Affairs Council, French Finance Minister Pierre Moscovici and Algirdas Semeta, European commissioner for Taxation and Customs Union, Audit and Anti-Fraud.
“EU instruments can only work effectively where they do not leave loopholes or shortcomings which can be used by tax planners in order to avoid taxation,” Stournaras said at the signing. “The signature of this agreement is therefore a strong expression of the willingness of France and the EU to ensure continuity and consistency in the fight against tax fraud and tax evasion.”
The Savings Directive established an information exchange that governs interest payments that an EU resident receives from banks, investment funds and other financial institutions located outside of his or her home state. The Administrative Cooperation Directive governs an information exchange meant to help EU member countries enforce their tax laws.
St. Barts shed its legal status as an outermost region of France — and hence the EU — in January 2012, granting the island greater economic and legal independence from the EU.
Monday’s signing is yet another advancement in the EU’s tax transparency and tax avoidance agenda, which has been a major issue for years.
Most recently, the EU’s antitrust chief said Feb. 11 that the European Commission has begun examining ways that it can use competition policy to remedy the use of tax loopholes by multinational corporations, noting that such conduct is rampant in certain tech sectors. European Competition Commissioner Joaquin Almunia revealed that within the last few months, his office has sent requests for information to certain member states where the commission has concerns regarding the consistency of the country's legal tax framework or its administrative practices.
And in November, the EU said it would update its corporate tax system in an effort to close loopholes that have allowed businesses to avoid paying European taxes. The EC introduced proposed amendments to its Parent-Subsidiary Directive, which was conceived two decades ago to eliminate double taxation among member states. The changes to the directive would require EU members to adopt standardized anti-abuse rules and eliminate tax exemptions for so-called hybrid loan arrangements.
--Additional reporting by Alex Lawson and Jonathan Randles. Editing by Emily Kokoll.
Oops, that was the earlier article; here's the March 20 one, and sorry to clutter the forum:
By Drew Singer0 Comments Law360, New York (March 20, 2014, 6:54 PM ET) -- Popular vacation destination St. Barthelemy has joined an automatic information exchange that ensures payments made from someone in one European Union country to someone in another are appropriately taxed, European Council President Herman Van Rompuy announced on Thursday.
Under the deal, St. Barts will follow all EU information-sharing laws surrounding savings taxation as part of the supranational organization’s push to prevent tax fraud and evasion within the continent, including an automatic exchange that tracks international transactions between member states, Van Rompuy said in a statement.
“This is a clear message that Europe is fully committed to the new single global standard for automatic exchange of tax information,” he said. “This is indispensable for enabling the member states to better clamp down on tax fraud and tax evasion.”
St. Barts shed its legal status as an outermost region of France — and hence the EU — in January 2012, granting the island greater economic and legal independence from the rest of the continent.
The deal follows another agreement made last month between the EU and France that ensured the territory would be governed by the EU’s tax transparency and exchange legislation.
Under that deal, St. Barts will continue to fall under the EU’s Savings Directive and its Administrative Cooperation Directive, and any amendments to the legislation will apply in St. Barts, according to the agreement, which was signed by Yannis Stournaras, president of the EU’s Economic and Finance Affairs Council, French Finance Minister Pierre Moscovici and Algirdas Semeta, European commissioner for Taxation and Customs Union, Audit and Anti-Fraud.
The Savings Directive established an information exchange that governs interest payments that an EU resident receives from banks, investment funds and other financial institutions located outside of his or her home state. The Administrative Cooperation Directive governs an information exchange meant to help EU member countries enforce their tax laws.
The two signings are yet another advancement in the EU’s tax transparency and tax avoidance agenda, which has been a major issue for years.
Most recently, the EU’s antitrust chief said Feb. 11 that the European Commission has begun examining ways that it can use competition policy to remedy the use of tax loopholes by multinational corporations, noting that such conduct is rampant in certain tech sectors. European Competition Commissioner Joaquin Almunia revealed that within the last few months, his office has sent requests for information to certain member states where the commission has concerns regarding the consistency of the country's legal tax framework or its administrative practices.
--Additional reporting by Ama Sarfo and Alex Lawson. Editing by Emily Kokoll.
By Drew Singer0 Comments Law360, New York (March 20, 2014, 6:54 PM ET) -- Popular vacation destination St. Barthelemy has joined an automatic information exchange that ensures payments made from someone in one European Union country to someone in another are appropriately taxed, European Council President Herman Van Rompuy announced on Thursday.
Under the deal, St. Barts will follow all EU information-sharing laws surrounding savings taxation as part of the supranational organization’s push to prevent tax fraud and evasion within the continent, including an automatic exchange that tracks international transactions between member states, Van Rompuy said in a statement.
“This is a clear message that Europe is fully committed to the new single global standard for automatic exchange of tax information,” he said. “This is indispensable for enabling the member states to better clamp down on tax fraud and tax evasion.”
St. Barts shed its legal status as an outermost region of France — and hence the EU — in January 2012, granting the island greater economic and legal independence from the rest of the continent.
The deal follows another agreement made last month between the EU and France that ensured the territory would be governed by the EU’s tax transparency and exchange legislation.
Under that deal, St. Barts will continue to fall under the EU’s Savings Directive and its Administrative Cooperation Directive, and any amendments to the legislation will apply in St. Barts, according to the agreement, which was signed by Yannis Stournaras, president of the EU’s Economic and Finance Affairs Council, French Finance Minister Pierre Moscovici and Algirdas Semeta, European commissioner for Taxation and Customs Union, Audit and Anti-Fraud.
The Savings Directive established an information exchange that governs interest payments that an EU resident receives from banks, investment funds and other financial institutions located outside of his or her home state. The Administrative Cooperation Directive governs an information exchange meant to help EU member countries enforce their tax laws.
The two signings are yet another advancement in the EU’s tax transparency and tax avoidance agenda, which has been a major issue for years.
Most recently, the EU’s antitrust chief said Feb. 11 that the European Commission has begun examining ways that it can use competition policy to remedy the use of tax loopholes by multinational corporations, noting that such conduct is rampant in certain tech sectors. European Competition Commissioner Joaquin Almunia revealed that within the last few months, his office has sent requests for information to certain member states where the commission has concerns regarding the consistency of the country's legal tax framework or its administrative practices.
--Additional reporting by Ama Sarfo and Alex Lawson. Editing by Emily Kokoll.
Voosh
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http://www.offshoretrustsguide.com/...l_On_SaintBarthlemy_Savings_Tax____63767.html
http://www.offshoretrustsguide.com/...l_On_SaintBarthlemy_Savings_Tax____63767.html
Nothing new here. When SBH gained the COM status (read a confirmation of its "tax free status"), the deal with Paris was that local banks would have to play transparency when it comes to tax haven try outs. In other words, SBH cannot become the little Geneva of the Caribbean. Foreign wealth would have to find another safe location to hide uncleared money.
"Tax information exchange" is just another way of saying this.
"Tax information exchange" is just another way of saying this.
