COVID-19: European Commission’s Big Plan
The European Commission released a communication on 27 May 2020, setting its plan for recovery in Europe. This includes:
- Proposing a new €750 billion recovery instrument, Next Generation EU. This would be initially funded through unprecedented borrowing on the part of the Commission. To repay this debt between 2028 and 2058, the Commission has suggested new taxes may be levied on:
- Carbon emissions
- The operation of large companies
- Digital economy
- Non-recycled plastics
- A review by the Commission of the EU competition framework. Notably, in the communication, the Commission emphasises the importance placed by its recently announced Digital Services Act on a ‘fair marketplace’ for the provision of digital services.
- Increased efforts in the tackling tax fraud. As part of this, the Commission suggests that a common consolidated corporation tax base would assist by providing a single rulebook in computing corporation tax across the EU.
A yellow card for footballers and their agents……let’s bring in another match official
There has been long running tension between HMRC and the way that footballers and their agents are remunerated. As the Professional Footballers’ Association wade into the debate, Helen McGhee discusses the problems arising from agents’ fees and image rights.
Keeping Your Confidences
Helen McGhee considers the legal rights which allow individuals and companies to resist the disclosure of confidential evidence, and the limitations surrounding legal privilege.
The new powers tackling promoters of avoidance schemes
Under new proposals in draft Finance Bill 2021, HMRC will have wider information powers and be able to impose tougher sanctions on those who continue to promote or enable tax avoidance schemes. Whilst a robust approach to tackle unacceptable behaviour by a minority of promoters is entirely welcome, the new rules would arguably impose unnecessary administrative burdens on those operating within the law.
Draft Finance Bill 2020–21—promoters and enablers of tax avoidance schemes
Helen McGhee, senior associate at Joseph Hage Aaronson LLP, shares her insights on the Draft Finance Bill 2020–21 and its impact on promoters and enablers of tax avoidance schemes.
Apple and Ireland Win €13bn State Aid Appeal
The General Court of the European Union has today annulled the Commission’s decision regarding two Irish tax rulings in favour of Apple. The Commission had considered that the two rulings constituted State Aid, granting Apple €13bn in unlawful tax advantages.