Ownership Rules For EU Tax List: Nearing a Breakthrough

Ownership Rules For EU Tax List

EU inches closer to establishing a pivotal beneficial ownership criterion for tax transparency

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In a pivotal move to enhance tax transparency, the European Union is on the verge of a breakthrough. The focus? A critical beneficial ownership criterion aimed at unmasking countries outside the bloc that fall short in meeting international tax transparency standards. The chair of the listing committee, María José Garde, shared insights into this developing story in a recent testimony.

The Quest for Clarity: Developing the Beneficial Ownership Criterion

Since 2016, the EU has been on a quest to refine its tax listing process. The goal? To incorporate a beneficial ownership criterion into the existing framework. Garde, leading the Code of Conduct Group for business taxation, emphasizes the complexity yet necessity of this endeavor. The group’s mission is to pinpoint jurisdictions deserving a spot on the EU’s list of non-cooperative tax territories.

The Ongoing Journey: Challenges and Hopes

Garde, addressing the European Parliament’s subcommittee on tax matters via videolink, shared the ongoing challenges faced in formulating this criterion. “It’s a challenging journey,” she admits, “but we’re hopeful for a positive outcome in the coming months.”