Wednesday, June 15, 2011

Tax havens: major new Spanish report.

The Observatorio de Politica Exterior Española (Opex) has published a major report entitled The fight against tax havens and tax evasion: Progress since the London G20 summit and the challenges ahead.

It's long, but well worth reading. Its conclusions, aimed at the Spanish government, run as follows:
  1. Speed up the creation of a new list of tax havens, taking advantage of the work done in the Global Forum of Taxation’s peer review process
  2. Promote at the European level the application of sanctions on non-coop- erative jurisdictions.
  3. Launch an initiative aimed at multilateral tax cooperation based on the OECD and Council of Europe Convention on Mutual Administrative As- sistance in Tax Matters
  4. Establish a system of multilateral sanctions
  5. Support the implementation of an automatic system of information ex- change to replace the OECD’s current on-request model
  6. Speed up the EU Savings Tax Directive review
  7. Promote the mandatory establishment of a national register of trusts, com- panies, foundations and other legal entities created in their territories in all EU member states
  8. Create a European register of companies and trusts for all the EU member states
  9. Request the Financial Action Task Force (FATF) to review Recommenda- tions 33 and 34 regarding beneficial ownership
  10. Promote the creation of a Multilateral Tax Agency to fight against tax eva- sion, capital flight and tax competition
  11. Promote greater transparency in MNC accounts presentation to make the fight against harmful tax practices more effective. Including work on the CCCTB, on International Accounting Standards, on Country-by-country reporting,

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