EU tagged posts

Greek Bailout Could Be Finalized Today

February 19, 2012 International Tax Cooperation

Greek Bailout Could Be Finalized TodayBRUSSELLS – Greece will need to make even greater efforts to reduce its debts and commit to its austerity plans, if the government hopes to secure a EUR 130 billion bailout from the EU and the International Monetary Fund.

A meeting between the Prime Minister of Greece Lucas Papademos and leaders of 17 countries of the European Union to discuss the conditions of the new bailout for Greece is set to take place in Brussels today, on February 20th.

The bailout currently being debated is worth approximately EUR 130 billion in payments from the International Monetary Fund and the European Union, and was tentatively agreed to in October 2011...

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EU to Propose Europe-Wide Taxes

August 11, 2010 International Tax CooperationTaxation in EUTaxation in FranceTaxation in GermanyTaxation in UK

Euro coinsThe European Union will soon attempt to extend its revenue raising powers by imposing new taxes directly within all of its member states.

Janusz Lewandowski, Budget Commissioner of the European Union (EU), revealed on August 9th, that a new proposal will be released in September, outlining a series of new “eurotaxes”. Initially, the EU will suggest the implementation of a uniform tax on air travel, and selected inter-bank transactions. A pan-Europe Carbon Tax will eventually be mooted, if the first two levies prove to be successful. The rates and specific details of the new taxes will be revealed upon the official release of the proposal.

According to Janusz Lewandowski, the present structure of funds-sourcing for the EU “does not reflect the spirit of [EU] treaties...

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Jersey Considering Major Tax Hikes

June 22, 2010 Tax HavensTaxation in Jersey

Still Waiting for BonaparteThe Government of the British Crown Dependency of Jersey has released a new public consultation paper which examines possible tax changes to plug the Government’s emerging budget gap.

On June 21st the Government of Jersey released a public consultation paper dealing with the possible implementation of increased tax rates, with the ultimate aim of sustainably decreasing the current budget deficit without serious cuts to public services. According to Government estimates, an extra JEP 60 million of tax revenue will be needed annually to support current level of public services, like education, children’s services and health infrastructure. It was conceded that most Governments would borrow funds in a similar situation, but this option is considered to be unsustainable for Jersey.

The Gover...

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EU Emphasizes Tax For Developing Economies

June 15, 2010 International Tax CooperationTaxation in EU

European Flag in front of the European Council building Justus LipsiusAt a recent meeting, the Council of the European Union (CEU) reiterated its stance on the importance of adequate and well-structured tax systems for developing nations.

On June 14th the CEU released notes on the conclusions reached at the 3023rd Foreign Affairs Council Meeting, held in Luxemburg. The meeting yielded 10 points on the subject of cooperation with developing nations in promoting good governance in tax matters.

According to the CEU, a fair and efficient tax system underpins state legitimacy, and strengthens the social contract and sense of accountability between the Government and citizens...

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UK Needs Tax Rise for Financial Safety

April 30, 2010 Taxation in UK

Dirty MoneyA new report from a prominent UK think-tank has recommended increases to personal taxation, and full implementation of Value Added Tax (VAT), along with significant public spending cuts. The proposed changes are claimed to be necessary in order to decrease the Government deficit sooner.

On April 30th UK’s National Institute of Economic and Social Research (NIESR) released the quarterly Prospects for the UK Economy report, which valuates the current state of the UK economy. According to the report, the UK economy is in worse shape than commonly portrayed by politicians, and drastic changes will need to be made to rectify the situation...

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