15.10.2021. Vienoti ES noteikumi nelegālu līdzekļu legalizācijas novēršanai

After multiple directives, several high-profile money laundering scandals, and numerous policy papers – money laundering remains an undiminished threat within the EU.
The European Commission summarises the consequences as follows: criminals and terrorists have a sustained means to jeopardise public security, the incidence of money laundering damages the reputation of jurisdictions, resulting in the withdrawal of financial services, which in turn has negative effects on investment, and damages the EU internal market.
In response, the Commission has recently published a series of proposals which together will address fundamental problems in Europe’s anti-money laundering (AML) regime. They are a new EU Anti-money Laundering Authority (AMLA), a first Anti-Money Laundering Regulation, a sixth Anti-Money Laundering Directive, and new regulations to trace crypto-asset transfers.
These new measures will be good for Malta and EU business in general, as they will simplify cross border financial services, and through harmonisation of standards they will weed out businesses that aggressively seek AML style risks without adequate controls. While Malta’s ‘greylisting’ has put it in the spotlight for ineffective enforcement, the  necessity of the new EU proposals illustrates that Malta is by no means the only jurisdiction which is challenged by this issue.
The new AMLA has a number of ambitious tasks and is given sweeping powers. The most risk-exposed pan-European financial institutions will come under its direct supervision. The new authority will indirectly supervise all other financial institutions through setting expectations, performing assessments, reviewing work programmes, and pressing for supervisory convergence in all member states.

29.09.2021. Eiropas bankas ik gadu izvieto 20 miljardus EUR zemu nodokļu valstīs

Europe’s biggest banks are booking an average of 20 billion EUR ($ 23.7 billion) in tax havens every year, according to a new report made by EU tax observatory.
That accounts for 14% of their total profits, the analysis found.
The report looked into the activities of 36 systemic European banks, headquartered in 11 countries across Europe, that have been subject to mandatory country-by-country reporting on their actions since 2015.
Seventeen jurisdictions were included in the report’s tax haven list: the Bahamas, Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Gibraltar, Hong Kong, Ireland, Isle of Man, Jersey, Kuwait, Luxembourg, Macao, Malta, Mauritius, Panama and Qatar.
Across the whole of Europe, the 2020 rate was 19.03%, with the rate of corporate tax on the continent also seeing a gradual decline since 2014. Rates vary between European countries.
130 countries backed an OECD plan to reform international frameworks in a bid to ensure multinational companies pay a fair share of tax wherever they operate. The reforms include plans for a global minimum rate of 15% for corporation tax, which the OECD estimates would generate around $150 billion in additional global tax revenues every year.

17.09.2021. Kipra, uzraudzības procedūru racionalizēšana bankās

The Central Bank of Cyprus (CBC), professional regulatory bodies and business stakeholders have agreed on ten steps to rationalise banking procedures.
These include Know-Your Client (KyC) and client due diligence, speeding up transactions vital for the economy, while ensuring compliance with the EU and international anti money-laundering regulations.
These issues were discussed during a broad meeting, in the presence of CEOs and compliance officers of commercial banks, the Cyprus Chamber of Commerce and Industry, the Employers and Industrialists Federation and professional regulatory bodies such as the Cyprus Bar Association and the Cyprus Institute of Certified Public Accountants along with Invest Cyprus and the Cyprus Investment Funds Association.
The meeting covered complaints often expressed by businesses, that strict procedures followed by banks such as the KYC and due diligence imposed by anti-money laundering (AML) laws obstruct financial activity in Cyprus’ service-based economy.
They have concluded on a total of ten measures, which will be implemented so that the procedures will be more efficient. Also adding that more meetings will follow to examine the progress made, so they could see practical results for the economy.
A working group will be established involving the banks, and all stakeholders with the participation of the CBC, which will make sure that any measures agreed on more efficient procedures will comply with European regulations.

10.09.2021. Nodokļu tendences Eiropas Savienībā

The EU continues to show a level of tax revenue significantly above than other advanced economies. In 2019, tax revenue in the EU stood at 40.1% of gross domestic product (GDP). The taxation structure remained stable in the EU. Revenue was almost equally distributed among indirect taxes, direct taxes and social contributions. The distribution of revenues by tax base (consumption, labour and capital) was very similar to those of previous years (around 52 % from labour, 28 % from consumption and 20 % from capital).

Total taxes (including compulsory actual social contributions) as % of GDP
2009 2018 2019 Ranking 2019
EU-27 countries 38,0 40,1 40,1
Denmark 45,0 44,3 46,1 1
France 42,2 46,3 45,5 2
Belgium 43,2 44,8 43,6 3
Lithuania 30,2 30,0 30,1 25
Romania 25,2 26,0 26,0 26
Ireland 28,1 22,5 22,1 27
Iceland 31,3 37,2 35,8
Norway 41,3 39,7 40,1
United Kingdom 32,2 33,8 33,8

The table shows the first 3 and last 3 places in the EU country.