The euroFINESCO information distributions reached a new landmark with the release of nº 400. The article addresses the newly updated EU Blacklist that highlights the growing rift between the EU and Donald Trump’s “America First”. euroFINESCO offers a comprehensive library of information on a host of subjects related to taxation and compliance in Portugal. PDF downloads are available free of charge at www.eurofinesco.com/en/our-publications.
Suffering under the aftermath of the “Panama Papers” scandal, the Central American nation is trying to recover greater transparency on the international stage. Although Lisbon would like to shorten its tax haven blacklist, Panama’s departure is far from certain. Pressure from the Panamanian Government extends on several fronts, from the promise of greater information sharing on the one hand to diplomatic retaliation on the other against those who continue to consider it as “non-cooperative”. For the time being, Portugal is adopting a “wait-and-see” strategy.
The Common Reporting Standard (CRS) is an information system for the automatic exchange of tax information, developed in the context of the OECD. So far, 98 countries have signed up with more expected to join in the near future. Until now, the parties to most Double Tax Treaties in place for sharing information have done so only upon request. This approach has not always proven effective in preventing tax evasion. The new method is supposed to transfer all relevant information automatically and systematically. Continue reading