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EU targets advisers who help tax dodgers

09-06-2017

Tax advisers in the EU will be penalised for helping companies shift profits to low-tax countries, under a draft law seen by Reuters. The measure, prepared by the European Commission, would force accounting firms, banks and other tax advisers to inform authorities about "potentially aggressive tax planning arrangements" set up for their clients. The draft law, expected to be published in June, dictates "effective, proportionate and dissuasive penalties" for non-compliance, but leaves EU states free to decide sanctions or fines at national level. Separately, the OECD’s secretary-general, Angel Gurría, has said a new cross-border agreement to crack down on tax dodging is “a turning point in tax treaty history”. More than 70 countries have signed up to the multilateral instrument, which aims to prevent “treaty shopping”.

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