Eurozone leaders will meet this week to discuss the feasibility and benefits of instating a new tax on banks in order to raise funds for further bailout payments to the debt-stricken Greece. Early on July 18th German media sources reveled that Eurozone leaders would discuss a new bank tax at a summit scheduled for July 21st. Later on in the same day the European Affairs Minister of France Jean Leonetti confirmed that the bank tax is a topic that would be discussed at ... Read More

Implementing a worldwide Financial Transaction Tax would lead to billions being raised in extra tax revenues across the world, however the system will have no direct positive impact on the international finance market. With just more than a week to go before the meeting of EU Finance Ministers, scheduled to be held in Brussels on June 23rd, the UK Institute of Development Studies has released a new report on the potential effectiveness of an Financial Transaction Tax (FTT). The authors of the publication ... Read More

A ban on the government financing of mining activities has been called for in Europe, following allegations of gross tax evasion by resource sector operators in Africa. Fifty members of the European Parliament have signed an open letter to the EU president and the European Commission, calling for a temporary suspension on all government financing of international mining projects. The moratorium is to be upheld until adequate standards can be put in place to protect the tax revenues and development opportunities ... Read More

A letter has been sent on behalf of the European Commission to the US government in order to initiate talks regarding new US international tax compliance and reporting rules. The chair of the EU Economic and Financial Affairs Council György Matolcsy and EU Commissioner of Taxation Algirdas Šemeta have issued a joint letter to the U.S. Treasury Secretary Timothy Geithner and Internal Revenue Service Commissioner Douglas Shulmam, urging the US to enter into discussions about the impact of the country’s Foreign Account Tax ... Read More

The European Commission is proposing a new EU-spanning set of rules, which it claims would make tax compliance easier and cheaper for multinational companies. The European Commission (EC) has brought forward a blueprint for new taxation rules, aimed at radically overhauling the way corporate taxes are assessed on businesses operating across multiple EU member states. The announcement was made on March 16th, with the EC calling the news system the Common Consolidated Corporate Tax Base (CCCTB). The CCCTB consists of a single set of ... Read More