EU Announces DAC7, Review Of Corporate Tax Code Of Conduct
The European Commission has announced plans for a new Directive on Administrative Cooperation, on the exchange of information on online platforms’ sales, and a new Communication on Tax Good Governance.
The new Directive on Administrative Cooperation (DAC7) will set out a framework for member states to automatically exchange the information they receive on the taxable activities of business users of online platforms.
DAC7 is intended to enable national authorities to identify situations where tax should be paid, and to reduce the administrative burden on platforms, which currently have to deal with several, different national reporting requirements. DAC7 will also clarify and improve existing rules and will include joint tax audits and group requests.
Meanwhile, the Communication on Tax Good Governance is intended to, among other things, reform the Code of Conduct for Business Taxation, which sets the parameters of fair tax competition in the EU.
According to the Commission, the aim is to ensure that the Code can effectively tackle all forms of harmful tax competition in a more transparent manner. The Commission said that the Code needs to move to a new stage where it will not just examine specific preferential measures, but also general features of member states’ corporate tax regimes that can have harmful effects.
Finally, the Commission has indicated that it is intending to review the EU’s list of non-cooperative tax jurisdictions, to ensure it is still effective and fit for purpose.
Head of VAT
PHS & Partners
PHS & Partners’ team of professionals are focused on delivering the best results to every company and group of companies to minimize tax exposure / liability without any uncertainties.
Contact us to help you find out how you can best handle your business.
If you want to work with professionals who provide exceptional quality standards of services in Cyprus, the simplest way is to fill in this contact form.
We will analyze your case and advice you on:
- What company structure suits you best,
- What is the best Tax solution(s) for your business,
- What Banking and cash flows arrangements available.
We will take you through a step by step process from A to Z in creating the perfect business in Cyprus.
Can’t wait any longer? Fill in the form and submit your inquiries make your first step and we will deal with the rest.
Become even more successful by working with accountants you can count on and be among the thousands that already did.
If you want to work with professionals who provide exceptional quality standards of services in Cyprus, the simplest way is to fill in the contact form below.
We will take you through a step by step process from A to Z in creating the perfect business structure in Cyprus.
Can’t wait any longer? Become even more successful by working with accountants you can count on and be among the thousands business that already did.