Tax havens: work in progress for 2016 blacklist in Europe

The European Commission is implementing a new list of offshore centers outside Europe. After the Panama Papers scandal all companies, with a turnover of 750 million euro, operating in the EU, will be required to disclose their relationships with jurisdictions that are not considered compliant with a "good level of governance on taxes."

The complete list of tax havens in 2016, to which the European Union is working, should arrive by summer. Members of the European Parliament also asked that steps be taken against the abuse of the "patent box" systems and that they are provided a code of conduct for banks and tax advisors, a common tax base for corporate tax (CCCTB) and a withholding tax on the profits directed outside the EU.
The co-rapporteur Michael Theurer explained that "fiscal dumping is done at the expense of public enterprises and those of small and medium size, which are the backbone of European economy. In a fair tax system, corporations pay their share and must do so in places where generate their profits and increase their value. " The aim is to step up the fight against tax evasion "by setting out clear demands for greater accountability, a deterrent to a marked increase in penalties for tax havens, banks, tax advisers and business".

Parliament does not exclude the introduction of sanctions against non-cooperative jurisdictions, including the possibility of suspending free trade agreements and to prohibit access to EU funds. The sanctions relate companies, banks, accounting firms, and legal and tax advisors that can be shown to be involved in illegal or illicit activities with the jurisdictions covered by the blacklist of tax havens updated to 2016.